TC Energy Corporation $TRP Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs increased its stake in TC Energy Corporation by 2,565.1%, owning 16,306,187 shares worth approximately $769.8 million after acquiring over 15.6 million additional shares in the first quarter.
• TC Energy announced a quarterly dividend of $0.6148, which represents an annualized payout of $2.46 with a yield of 4.7%, up from the previous dividend of $0.61.
• Institutional investors now control over 83% of TC Energy's stock, indicating significant confidence in the company's long-term prospects.

Goldman Sachs Group Inc. boosted its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 2,565.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,306,187 shares of the pipeline company's stock after buying an additional 15,694,336 shares during the period. Goldman Sachs Group Inc. owned 1.57% of TC Energy worth $769,815,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia grew its holdings in shares of TC Energy by 80.3% during the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after purchasing an additional 7,562,887 shares during the period. Canada Pension Plan Investment Board grew 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 worth $935,627,000 after purchasing an additional 5,053,228 shares during the period. Deutsche Bank AG grew its holdings in shares of TC Energy by 175.1% during the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock worth $271,845,000 after purchasing an additional 3,664,862 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of TC Energy by 31.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock worth $444,885,000 after purchasing an additional 2,242,918 shares during the period. Finally, Federation des caisses Desjardins du Quebec grew its holdings in shares of TC Energy by 37.8% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 6,816,522 shares of the pipeline company's stock worth $321,102,000 after purchasing an additional 1,868,992 shares during the period. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Price Performance

TRP stock opened at $51.84 on Monday. 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 firm has a market capitalization of $53.92 billion, a P/E ratio of 17.69, a P/E/G ratio of 4.97 and a beta of 0.77. The business's 50-day moving average is $49.30 and its two-hundred day moving average is $48.65. TC Energy Corporation has a 1 year low of $40.76 and a 1 year high of $52.39.

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

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is 85.32%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TRP. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. US Capital Advisors lowered TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy 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.

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