TC Energy Corporation $TRP Shares Bought by Miller Howard Investments Inc. NY

Key Points

• Miller Howard Investments increased its TC Energy stake by 16.5% in the third quarter, adding 208,983 shares to own 1.48 million shares valued at approximately $85.5 million.
• Institutional investors own 83.13% of TC Energy, with several major pension and investment managers establishing or expanding positions during the second quarter.
• TC Energy reported quarterly EPS of $0.68, beating estimates, and announced a quarterly dividend of C$0.88, representing a 5.6% annualized yield. Analysts have a consensus “Moderate Buy” rating and a $93.75 price target.

Miller Howard Investments Inc. NY boosted its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 16.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,479,257 shares of the pipeline company's stock after acquiring an additional 208,983 shares during the period. TC Energy accounts for about 2.3% of Miller Howard Investments Inc. NY's investment portfolio, making the stock its 4th largest position. Miller Howard Investments Inc. NY owned about 0.15% of TC Energy worth $85,471,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRP. Ontario Teachers Pension Plan Board purchased a new position in TC Energy during the second quarter valued at $273,917,000. Korea Investment CORP bought a new stake in TC Energy in the 2nd quarter valued at $30,152,000. Wellington Management Group LLP purchased a new stake in TC Energy in the 2nd quarter worth $7,450,000. Canada Pension Plan Investment Board bought a new position in shares of TC Energy during the 2nd quarter valued at about $1,148,244,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of TC Energy by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,491,844 shares of the pipeline company's stock valued at $362,982,000 after purchasing an additional 452,308 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Trading Up 0.2%

TRP stock opened at $62.50 on Tuesday. The firm has a fifty day moving average price of $61.26 and a 200 day moving average price of $63.39. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47. The firm has a market cap of $62.50 billion, a PE ratio of 25.93 and a beta of 0.70. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results 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. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the prior year, the firm earned $0.82 earnings per share. Sell-side analysts anticipate that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a C$0.88 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 104.98%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TRP shares. TD Securities restated a "buy" rating on shares of TC Energy in a research report on Friday, October 16th. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. TD upgraded TC Energy to a "buy" rating in a research report on Tuesday, September 15th. Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. Finally, Raymond James Financial reissued 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 issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.75.

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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