TD Asset Management Inc Acquires 1,018,590 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• TD Asset Management Inc increased its stake in TC Energy Corporation by 6.2%, holding approximately 17.5 million shares worth about $824 million.
• The company's stock recently reported an EPS of $0.66, falling short of the consensus estimate of $0.70, alongside a revenue of $1.78 billion.
• TC Energy announced a quarterly dividend of $0.6142 per share, with a yield of 5.20%, amidst a payout ratio of 82.18%.

TD Asset Management Inc raised its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 6.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,455,740 shares of the pipeline company's stock after buying an additional 1,018,590 shares during the quarter. TC Energy comprises 0.8% of TD Asset Management Inc's investment portfolio, making the stock its 29th largest position. TD Asset Management Inc owned approximately 1.68% of TC Energy worth $824,243,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Thrivent Financial for Lutherans lifted its stake in shares of TC Energy by 10.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 5,468 shares of the pipeline company's stock valued at $269,000 after purchasing an additional 504 shares during the period. American Century Companies Inc. raised its stake in TC Energy by 6.0% during the fourth quarter. American Century Companies Inc. now owns 246,855 shares of the pipeline company's stock valued at $11,504,000 after buying an additional 14,076 shares during the last quarter. Sei Investments Co. raised its stake in TC Energy by 8.7% during the fourth quarter. Sei Investments Co. now owns 45,239 shares of the pipeline company's stock valued at $2,105,000 after buying an additional 3,636 shares during the last quarter. LPL Financial LLC raised its stake in TC Energy by 8.9% during the fourth quarter. LPL Financial LLC now owns 911,009 shares of the pipeline company's stock valued at $42,389,000 after buying an additional 74,391 shares during the last quarter. Finally, Korea Investment CORP raised its stake in TC Energy by 108.5% during the fourth quarter. Korea Investment CORP now owns 625,606 shares of the pipeline company's stock valued at $29,140,000 after buying an additional 325,627 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

Shares of NYSE:TRP traded down $0.09 during mid-day trading on Wednesday, reaching $46.97. The stock had a trading volume of 338,593 shares, compared to its average volume of 2,421,153. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61. The company has a market cap of $48.85 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 4.54 and a beta of 0.76. TC Energy Corporation has a 1 year low of $37.41 and a 1 year high of $51.99. The business's 50 day moving average price is $48.68 and its 200 day moving average price is $47.84.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The firm had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.6142 per share. The ex-dividend date is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 5.23%. TC Energy's dividend payout ratio (DPR) is presently 82.51%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TRP shares. Citigroup initiated coverage on TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating for the company. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

About TC Energy

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.