TC Energy Corporation $TRP Stake Boosted by Swiss National Bank

Key Points

• Swiss National Bank increased its TC Energy stake by 27.1% in the first quarter, buying 746,300 additional shares and bringing its total holding to 3.5 million shares worth about $219 million.
• TC Energy reported Q1 EPS of $0.72, topping analyst estimates of $0.70, though revenue of $2.04 billion came in below expectations.
• The company declared a quarterly dividend of $0.8775 per share, equal to an annualized yield of about 5.0%; analysts currently rate the stock a Moderate Buy with a consensus price target of $78.50.

Swiss National Bank lifted its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 27.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,502,801 shares of the pipeline company's stock after acquiring an additional 746,300 shares during the quarter. Swiss National Bank owned approximately 0.34% of TC Energy worth $219,021,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy in the fourth quarter valued at about $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy during the 1st quarter worth about $26,000. Trust Co. of Vermont purchased a new stake in shares of TC Energy during the 4th quarter worth about $28,000. McIlrath & Eck LLC acquired a new stake in TC Energy in the fourth quarter valued at approximately $32,000. Finally, SWAN Capital LLC acquired a new position in shares of TC Energy during the 3rd quarter worth $40,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of TC Energy stock opened at $69.75 on Monday. The firm has a fifty day simple moving average of $68.37 and a 200-day simple moving average of $63.50. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. TC Energy Corporation has a 1-year low of $46.61 and a 1-year high of $71.47. The stock has a market capitalization of $72.68 billion, a price-to-earnings ratio of 30.28 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same period last year, the business posted $0.95 EPS. On average, sell-side analysts expect that TC Energy Corporation will post 2.72 earnings per share for the current year.

TC Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, June 30th. TC Energy's dividend payout ratio is 107.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings downgraded shares of TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of TC Energy in a report on Tuesday, May 26th. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. Finally, Morgan Stanley downgraded TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $78.50.

About TC Energy

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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