MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Stake in TC Energy Corporation $TRP

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in TC Energy by 16.7%, owning over 4 million shares valued at approximately $190 million.
• TC Energy announced a quarterly dividend of $0.6148, a slight increase from its previous dividend, reflecting a yield of 4.8%.
• Analysts currently hold a consensus rating of "Moderate Buy" for TC Energy, with a target price of $62.00, following recent changes in ratings from various firms.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,039,605 shares of the pipeline company's stock after buying an additional 579,043 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.39% of TC Energy worth $190,710,000 as of its most recent SEC filing.

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

TC Energy Stock Performance

NYSE TRP traded up $0.11 during trading hours on Wednesday, hitting $51.92. 897,142 shares of the company's stock traded hands, compared to its average volume of 2,274,623. The business's fifty day moving average price is $49.44 and its two-hundred day moving average price is $48.72. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $53.99 billion, a P/E ratio of 17.73, a P/E/G ratio of 4.97 and a beta of 0.77. TC Energy Corporation has a 52 week low of $40.76 and a 52 week high of $52.39.

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 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter in the prior year, the business posted $0.79 earnings per share. Equities research analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.6148 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. This is an increase from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio is 83.62%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TRP shares. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target 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.