TC Energy Corporation $TRP Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its TC Energy stake by 10.3% in the first quarter, adding 364,575 shares to hold 3.91 million shares valued at approximately $244.7 million. Institutional investors and hedge funds collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.68, beating analyst expectations of $0.61, while revenue reached $2.80 billion versus estimates of $2.76 billion.
• The company announced a quarterly dividend of $0.8775 per share, equivalent to an annualized yield of about 5.3%. Analysts maintain a consensus “Moderate Buy” rating with an average target price of $89.

Bank of America Corp DE boosted its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 10.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,909,668 shares of the pipeline company's stock after purchasing an additional 364,575 shares during the period. Bank of America Corp DE owned approximately 0.39% of TC Energy worth $244,745,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in TC Energy during the fourth quarter worth approximately $25,000. Sterling Capital Management LLC purchased a new position in TC Energy in the first quarter valued at about $26,000. McIlrath & Eck LLC acquired a new stake in shares of TC Energy during the fourth quarter worth approximately $32,000. SWAN Capital LLC bought a new stake in shares of TC Energy in the 3rd quarter worth about $40,000. Finally, Glen Eagle Advisors LLC bought a new stake in TC Energy in the fourth quarter valued at about $44,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Down 2.4%

TC Energy stock opened at $65.82 on Tuesday. TC Energy Corporation has a 1-year low of $48.28 and a 1-year high of $71.47. The firm's fifty day simple moving average is $68.28 and its 200-day simple moving average is $64.56. The company has a market capitalization of $68.58 billion, a P/E ratio of 27.31 and a beta of 0.66. 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 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 return on equity of 11.10% and a net margin of 22.91%.The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm posted $0.82 EPS. Sell-side analysts forecast that TC Energy Corporation will post 2.74 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.3%. TC Energy's payout ratio is currently 102.49%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of research reports. The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "neutral" rating and increased their target price for the stock from $53.00 to $62.00 in a report on Monday, April 20th. TD Securities reissued a "hold" rating on shares of TC Energy in a research note on Thursday, July 16th. BMO Capital Markets reissued an "outperform" rating and set a $99.00 target price on shares of TC Energy in a report on Friday. Royal Bank Of Canada upped their price target on shares of TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a report on Friday. Finally, Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Profile

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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