Exchange Traded Concepts LLC grew its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,116,535 shares of the pipeline company's stock after purchasing an additional 81,837 shares during the quarter. TC Energy comprises approximately 0.9% of Exchange Traded Concepts LLC's investment portfolio, making the stock its 24th largest position. Exchange Traded Concepts LLC owned approximately 0.11% of TC Energy worth $52,712,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in TC Energy in the fourth quarter worth approximately $428,759,000. Mufg Securities Canada LTD. grew its position in shares of TC Energy by 571.7% during the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after buying an additional 5,264,079 shares during the period. Blackstone Inc. increased its stake in shares of TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. FIL Ltd increased its stake in shares of TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock valued at $1,325,558,000 after acquiring an additional 2,644,627 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of TC Energy during the 4th quarter valued at $102,405,000. Institutional investors and hedge funds own 83.13% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on TRP. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Wall Street Zen downgraded TC Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Veritas raised TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. Finally, Citigroup began coverage on shares of TC Energy in a research note on Friday, April 4th. They set a "neutral" rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $62.00.
Read Our Latest Analysis on TC Energy
TC Energy Stock Down 1.0%
TC Energy stock traded down $0.50 during trading hours on Friday, hitting $49.54. 1,757,789 shares of the stock traded hands, compared to its average volume of 2,447,497. TC Energy Co. has a one year low of $37.07 and a one year high of $51.99. The firm's 50-day moving average price is $49.44 and its two-hundred day moving average price is $47.69. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The company has a market cap of $51.50 billion, a PE ratio of 15.29, a PEG ratio of 4.34 and a beta of 0.78.
TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). The business had revenue of $1.78 billion for the quarter, compared to analysts' expectations of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter in the previous year, the business posted $1.02 earnings per share. On average, research analysts forecast that TC Energy Co. will post 2.63 EPS for the current year.
TC Energy Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio is currently 81.52%.
About TC Energy
(
Free Report)
TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.
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