TC Energy Corporation $TRP Shares Bought by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors increased its TC Energy stake by 4.2% in the third quarter, purchasing 17,700 additional shares and bringing its holdings to 435,500 shares valued at approximately $25.2 million.
• Institutional ownership remains high at 83.13%, with several major investors—including the Canada Pension Plan Investment Board and Ontario Teachers Pension Plan Board—establishing or expanding positions.
• Analysts maintain a favorable outlook, with TC Energy carrying a consensus “Moderate Buy” rating and an average price target of $93.75. The company also exceeded quarterly EPS and revenue expectations.

Hennessy Advisors Inc. increased its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 435,500 shares of the pipeline company's stock after purchasing an additional 17,700 shares during the period. Hennessy Advisors Inc.'s holdings in TC Energy were worth $25,163,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Ontario Teachers Pension Plan Board acquired a new position in TC Energy during the 2nd quarter worth approximately $273,917,000. Korea Investment CORP bought a new stake in shares of TC Energy in the second quarter worth $30,152,000. Wellington Management Group LLP bought a new stake in shares of TC Energy in the second quarter worth $7,450,000. Canada Pension Plan Investment Board bought a new stake in shares of TC Energy in the second quarter worth $1,148,244,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in TC Energy by 9.0% during the second quarter. The Manufacturers Life Insurance Company now owns 5,491,844 shares of the pipeline company's stock worth $362,982,000 after purchasing an additional 452,308 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

Analyst Ratings Changes

TRP has been the topic of several analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TC Energy in a research report on Thursday. Royal Bank Of Canada restated a "moderate buy" rating and issued a $106.00 price target on shares of TC Energy in a research note on Friday, September 11th. The Goldman Sachs Group raised shares of TC Energy from a "neutral" rating to a "buy" rating and set a $71.00 price objective for the company in a research report on Wednesday, September 30th. Jefferies Financial Group upgraded TC Energy from a "hold" rating to a "buy" rating in a research report on Tuesday, September 1st. Finally, Raymond James Financial reiterated a "market perform" rating on shares of TC Energy in a research note on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price of $93.75.

TC Energy Stock Performance

Shares of TC Energy stock opened at $64.54 on Monday. The business has a 50-day moving average price of $61.27 and a two-hundred day moving average price of $63.63. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The company has a market cap of $64.54 billion, a P/E ratio of 26.78 and a beta of 0.64.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (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 company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the business earned $0.82 EPS. As a group, analysts anticipate that TC Energy Corporation will post 2.79 EPS for the current year.

TC Energy Company Profile

TC Energy Corporation NYSE: TRP is a North American energy infrastructure company that develops and operates natural gas pipelines, storage facilities, power-generation assets and related energy infrastructure. Its natural gas pipeline network connects major supply basins with utilities, power producers, industrial customers and local distribution companies.

The company's operations are primarily located in Canada and the United States, with additional natural gas pipeline interests in Mexico.

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