TC Energy Corporation $TRP Holdings Lifted by Thornburg Investment Management Inc.

Key Points

• Thornburg Investment Management increased its TC Energy stake by 0.7% to 4.76 million shares, worth approximately $314.6 million. Institutional investors collectively own 83.13% of the company.
• TC Energy beat quarterly expectations with EPS of $0.68 versus the $0.61 consensus and revenue of $2.80 billion versus estimates of $2.76 billion.
• The company declared a quarterly dividend of $0.8775 per share, equating to an annualized yield of about 5.7%. Analysts maintain a “Moderate Buy” consensus with an average price target of $89, well above the reported $61.87 share price.

Thornburg Investment Management Inc. boosted its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,755,014 shares of the pipeline company's stock after purchasing an additional 34,292 shares during the quarter. TC Energy makes up approximately 3.0% of Thornburg Investment Management Inc.'s holdings, making the stock its 10th biggest position. Thornburg Investment Management Inc. owned 0.46% of TC Energy worth $314,611,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board bought a new position in shares of TC Energy during the 2nd quarter valued at about $273,917,000. Korea Investment CORP purchased a new position in shares of TC Energy during the second quarter valued at about $30,152,000. Canada Pension Plan Investment Board bought a new stake in shares of TC Energy in the second quarter worth about $1,148,244,000. Generali Asset Management SPA SGR increased its holdings in shares of TC Energy by 261.0% in the fourth quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock worth $4,121,000 after purchasing an additional 54,154 shares during the last quarter. Finally, BROOKFIELD Corp ON lifted its position in shares of TC Energy by 8.9% in the first quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company's stock worth $108,647,000 after buying an additional 141,556 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Down 0.3%

Shares of NYSE TRP opened at $61.87 on Friday. The business's 50 day moving average is $66.33 and its two-hundred day moving average is $65.34. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The stock has a market capitalization of $64.46 billion, a P/E ratio of 25.67 and a beta of 0.66.

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 (EPS) 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 analyst estimates 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 last year, the company earned $0.82 EPS. As a group, research analysts expect that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.7%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio is presently 102.49%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TRP shares. Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 4th. Royal Bank Of Canada upped their price objective on TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Morgan Stanley downgraded TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

About TC Energy

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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