SIR Capital Management L.P. Invests $6.51 Million in TC Energy Corporation $TRP

Key Points

• SIR Capital Management acquired 98,262 shares of TC Energy worth approximately $6.51 million during the second quarter. Institutional investors collectively own 83.13% of the company’s stock.
• TC Energy reported quarterly earnings of $0.68 per share, exceeding analyst expectations of $0.61, while revenue reached $2.80 billion versus the $2.76 billion consensus estimate.
• The company declared a quarterly dividend of $0.8775 per share, equivalent to an annualized $3.51 payout and a 5.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

SIR Capital Management L.P. acquired a new stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 98,262 shares of the pipeline company's stock, valued at approximately $6,514,000.

Several other hedge funds also recently added to or reduced their stakes in TRP. Legal & General Group Plc purchased a new stake in TC Energy in the second quarter valued at $519,612,000. The Manufacturers Life Insurance Company acquired a new stake in shares of TC Energy during the 2nd quarter worth about $362,982,000. Aberdeen Wealth Management LLC acquired a new stake in shares of TC Energy during the 2nd quarter worth about $51,000. Dearborn Partners LLC purchased a new stake in TC Energy in the 2nd quarter valued at about $306,000. Finally, Infrastructure Capital Advisors LLC purchased a new stake in TC Energy in the 2nd quarter valued at about $4,490,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Up 0.1%

NYSE:TRP opened at $62.06 on Tuesday. The stock's 50 day moving average price is $66.80 and its 200 day moving average price is $65.30. The company has a market capitalization of $64.66 billion, a PE ratio of 25.75 and a beta of 0.66. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same period in the prior year, the company earned $0.82 earnings per share. On average, research analysts anticipate that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 102.49%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday, July 21st. Royal Bank Of Canada boosted their price target on shares of TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Thursday, July 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. Finally, US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $89.00.

TC Energy Company Profile

TC Energy NYSE: TRP is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company's principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.

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