Viking Fund Management LLC Has $24.49 Million Stake in TC Energy Corporation $TRP

Key Points

• Viking Fund Management LLC increased its stake in TC Energy Corporation (NYSE: TRP) by 31.4% during the second quarter, bringing its total ownership to 502,000 shares worth approximately $24.5 million.
• TC Energy reported earnings of $0.59 per share, surpassing analyst estimates, despite revenues of $1.82 billion which fell short of forecasts.
• The company announced a quarterly dividend increase to $0.6148 per share, reflecting a 4.7% yield, with the payout ratio currently at 85.32%.

Viking Fund Management LLC raised its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 31.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 502,000 shares of the pipeline company's stock after purchasing an additional 120,000 shares during the quarter. TC Energy makes up about 3.4% of Viking Fund Management LLC's holdings, making the stock its 3rd biggest holding. Viking Fund Management LLC's holdings in TC Energy were worth $24,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock worth $2,096,739,000 after purchasing an additional 710,837 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of TC Energy by 34.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock valued at $935,627,000 after buying an additional 5,053,228 shares in the last quarter. TD Asset Management Inc grew its position in shares of TC Energy by 6.2% in the 1st quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock worth $824,243,000 after buying an additional 1,018,590 shares during the period. Bank of Nova Scotia increased its stake in shares of TC Energy by 80.3% in the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after acquiring an additional 7,562,887 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after acquiring an additional 15,694,336 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TRP traded down $0.09 on Friday, reaching $52.57. The company's stock had a trading volume of 1,243,385 shares, compared to its average volume of 1,694,525. TC Energy Corporation has a 12-month low of $40.76 and a 12-month high of $53.08. The stock has a market capitalization of $54.69 billion, a P/E ratio of 17.94, a PEG ratio of 5.04 and a beta of 0.77. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The stock's 50 day simple moving average is $50.20 and its two-hundred day simple moving average is $49.14.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. The business had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter last year, the company posted $0.79 EPS. Research analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company 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 $0.6148 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a yield of 4.7%. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's payout ratio is currently 85.32%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TRP. Wall Street Zen raised shares of TC Energy from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price 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.