Canada Pension Plan Investment Board Buys 5,053,228 Shares of TC Energy Corporation $TRP

Key Points

• The Canada Pension Plan Investment Board increased its stake in TC Energy Corporation by 34.2%, owning nearly 19.8 million shares worth approximately $935.6 million by the end of the reporting period.
• TC Energy's recent quarterly earnings showed earnings per share of $0.59, beating analysts' expectations, although revenue fell short of estimates at $1.82 billion.
• The company announced a dividend of $0.6148 per share to be paid on October 31, representing a 4.8% dividend yield, an increase from its prior dividend of $0.61.

Canada Pension Plan Investment Board boosted its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 34.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,808,558 shares of the pipeline company's stock after purchasing an additional 5,053,228 shares during the period. TC Energy comprises approximately 0.9% of Canada Pension Plan Investment Board's investment portfolio, making the stock its 25th biggest position. Canada Pension Plan Investment Board owned 1.91% of TC Energy worth $935,627,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRP. Tower Research Capital LLC TRC lifted its stake in TC Energy by 67.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,658 shares of the pipeline company's stock worth $77,000 after purchasing an additional 666 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its stake in TC Energy by 10.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 13,406 shares of the pipeline company's stock worth $624,000 after purchasing an additional 1,224 shares during the last quarter. Northern Trust Corp lifted its stake in TC Energy by 73.1% during the fourth quarter. Northern Trust Corp now owns 774,074 shares of the pipeline company's stock worth $36,018,000 after purchasing an additional 326,866 shares during the last quarter. AXA S.A. lifted its stake in TC Energy by 28.4% during the fourth quarter. AXA S.A. now owns 142,095 shares of the pipeline company's stock worth $6,612,000 after purchasing an additional 31,441 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of TC Energy by 143,808.2% during the fourth quarter. BNP Paribas Financial Markets now owns 87,784 shares of the pipeline company's stock worth $4,085,000 after buying an additional 87,723 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRP has been the subject of several research analyst reports. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Down 0.7%

NYSE TRP traded down $0.39 during trading hours on Tuesday, hitting $51.68. The company's stock had a trading volume of 1,146,717 shares, compared to its average volume of 2,298,775. TC Energy Corporation has a 52 week low of $40.76 and a 52 week high of $52.26. The company has a market capitalization of $53.74 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 4.98 and a beta of 0.77. 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 company's 50-day simple moving average is $48.99 and its two-hundred day simple moving average is $48.49.

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

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is presently 85.32%.

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.