TC Energy Corporation $TRP Position Raised by M&G PLC

Key Points

• M&G PLC increased its TC Energy stake by 9.7% in the third quarter, adding 66,373 shares to bring its holding to 747,229 shares, worth about $43.3 million. Institutional investors collectively own 83.13% of the stock.
• Analysts give TC Energy a consensus “Moderate Buy” rating, with an average price target of $93.75; 13 analysts rate it Buy or Strong Buy and three rate it Hold.
• TC Energy beat quarterly earnings and revenue estimates, reporting EPS of $0.67 and revenue of $2.88 billion. It also declared a quarterly dividend of C$0.88 per share, equivalent to an indicated yield of 5.6%.

M&G PLC raised its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 9.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 747,229 shares of the pipeline company's stock after purchasing an additional 66,373 shares during the period. M&G PLC owned 0.07% of TC Energy worth $43,339,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in shares of TC Energy by 12.3% during the third quarter. Alps Advisors Inc. now owns 27,614 shares of the pipeline company's stock valued at $1,596,000 after buying an additional 3,030 shares during the last quarter. Argonautica Private Wealth Management Inc. lifted its stake in shares of TC Energy by 3.9% in the 3rd quarter. Argonautica Private Wealth Management Inc. now owns 15,474 shares of the pipeline company's stock worth $894,000 after purchasing an additional 576 shares during the period. Kestra Advisory Services LLC boosted its stake in shares of TC Energy by 31.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 23,456 shares of the pipeline company's stock worth $1,355,000 after acquiring an additional 5,645 shares during the last quarter. Provenance Wealth Advisors LLC bought a new stake in TC Energy during the third quarter valued at about $48,000. Finally, Hennessy Advisors Inc. raised its stake in TC Energy by 4.2% during the 3rd quarter. Hennessy Advisors Inc. now owns 435,500 shares of the pipeline company's stock worth $25,163,000 after acquiring an additional 17,700 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TRP. Jefferies Financial Group upgraded TC Energy from a "hold" rating to a "buy" rating in a research note on Tuesday, September 1st. TD Securities reiterated a "buy" rating on shares of TC Energy in a report on Friday, October 16th. Canadian Imperial Bank of Commerce set a $99.00 price objective on shares of TC Energy in a research report on Thursday, October 22nd. Raymond James Financial reissued a "market perform" rating on shares of TC Energy in a research note on Wednesday, September 16th. Finally, TD upgraded TC Energy to a "buy" rating in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, TC Energy presently has an average rating of "Moderate Buy" and an average price target of $93.75.

TC Energy Stock Performance

Shares of TRP stock opened at $62.84 on Tuesday. The business's fifty day simple moving average is $61.36 and its 200-day simple moving average is $63.89. TC Energy Corporation has a 12-month low of $52.00 and a 12-month high of $71.47. The company has a market cap of $62.84 billion, a PE ratio of 23.36 and a beta of 0.64. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.03. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.79 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same quarter last year, the company earned $0.77 earnings per share. Analysts expect that TC Energy Corporation will post 2.81 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Shareholders of record on Thursday, December 31st will be given a dividend of C$0.88 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $3.51 dividend on an annualized basis and a yield of 5.6%. TC Energy's payout ratio is currently 94.05%.

TC Energy Profile

TC Energy NYSE: TRP is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers.

The company's pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario.

Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.

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