TC Energy Corporation $TRP Shares Acquired by BlackRock Inc.

Key Points

• BlackRock increased its TC Energy stake by 10.5% in the second quarter, acquiring 265,322 shares and bringing its holdings to 2.79 million shares valued at approximately $185.2 million.
• Analysts maintain a generally positive outlook, with TC Energy receiving a consensus “Moderate Buy” rating and an average price target of $89; RBC raised its target to $106.
• TC Energy reported quarterly EPS of $0.68, exceeding estimates, and announced a quarterly dividend of $0.8775 per share, equating to a 5.7% annualized yield.

BlackRock Inc. increased its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 10.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,793,500 shares of the pipeline company's stock after purchasing an additional 265,322 shares during the period. BlackRock Inc. owned 0.27% of TC Energy worth $185,181,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Deutsche Bank AG grew its holdings in TC Energy by 1.3% during the 2nd quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock valued at $1,048,809,000 after buying an additional 196,543 shares during the last quarter. Trust Co. of Vermont acquired a new position in shares of TC Energy in the second quarter worth $33,000. Global Retirement Partners LLC purchased a new stake in shares of TC Energy in the second quarter valued at $473,000. Bank of New York Mellon Corp lifted its position in shares of TC Energy by 7.5% in the second quarter. Bank of New York Mellon Corp now owns 973,124 shares of the pipeline company's stock valued at $64,508,000 after acquiring an additional 67,672 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of TC Energy by 135.9% during the second quarter. State of Wyoming now owns 2,552 shares of the pipeline company's stock valued at $169,000 after acquiring an additional 1,470 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

TRP has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their price objective on TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. BMO Capital Markets reiterated an "outperform" rating and set a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, TC Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Stock Performance

NYSE TRP opened at $62.02 on Friday. The business's 50-day moving average price is $66.45 and its 200 day moving average price is $65.36. 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 Corporation has a twelve month low of $49.27 and a twelve month high of $71.47. The company has a market capitalization of $64.63 billion, a PE ratio of 25.74 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 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company posted $0.82 EPS. On average, research analysts predict that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Announces Dividend

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.