Maryland State Retirement & Pension System Grows Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• The Maryland State Retirement & Pension System has increased its stake in TC Energy Corporation by 3.9%, making it the 7th largest position in their portfolio, now holding approximately $67 million worth of shares.
• Analysts have upgraded the stock's rating, with a consensus rating of "Moderate Buy" and a target price of $62.00, showing increasing confidence in its performance.
• TC Energy recently announced a quarterly dividend of $0.6148 per share, marking an increase from its previous dividend and providing an annual yield of 4.9%.

Maryland State Retirement & Pension System lifted its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 3.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,420,315 shares of the pipeline company's stock after purchasing an additional 53,646 shares during the period. TC Energy accounts for 1.6% of Maryland State Retirement & Pension System's holdings, making the stock its 7th biggest holding. Maryland State Retirement & Pension System owned about 0.14% of TC Energy worth $67,059,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TRP. Lowe Wealth Advisors LLC bought a new stake in TC Energy in the first quarter valued at $30,000. TruNorth Capital Management LLC bought a new stake in TC Energy in the 1st quarter worth about $45,000. Golden State Wealth Management LLC boosted its stake in TC Energy by 222.2% in the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after acquiring an additional 742 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of TC Energy by 75.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after buying an additional 501 shares in the last quarter. Finally, HM Payson & Co. purchased a new stake in shares of TC Energy during the 1st quarter valued at approximately $60,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Price Performance

NYSE:TRP traded down $0.32 during midday trading on Friday, hitting $49.40. The company had a trading volume of 1,343,141 shares, compared to its average volume of 1,864,250. TC Energy Corporation has a 52-week low of $39.26 and a 52-week high of $51.99. The stock's fifty day moving average price is $48.46 and its 200-day moving average price is $47.95. The company has a market capitalization of $51.37 billion, a PE ratio of 16.86, a P/E/G ratio of 4.74 and a beta of 0.75. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the previous year, the business earned $0.79 earnings per share. As a group, research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.6148 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 5.0%. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's payout ratio is 85.32%.

Wall Street Analyst Weigh In

TRP has been the topic of several recent analyst reports. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Company Profile

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.