TD Asset Management Inc Raises Position in TC Energy Corporation $TRP

Key Points

• TD Asset Management Inc increased its stake in TC Energy Corporation by 9.3%, owning approximately 19 million shares worth nearly $929 million, making TC Energy the firm's 29th largest position.
• TC Energy recently announced a quarterly dividend of $0.6148, which is a slight increase from its previous dividend, representing an annualized dividend yield of 4.7%.
• The company reported earnings of $0.59 per share for the last quarter, surpassing analysts' expectations, although revenue fell short at $1.82 billion versus the forecast of $2.56 billion.

TD Asset Management Inc increased its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 9.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,074,181 shares of the pipeline company's stock after purchasing an additional 1,618,441 shares during the period. TC Energy makes up approximately 0.8% of TD Asset Management Inc's portfolio, making the stock its 29th largest position. TD Asset Management Inc owned about 1.83% of TC Energy worth $929,316,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Hilltop National Bank acquired a new stake in shares of TC Energy in the second quarter valued at approximately $32,000. TruNorth Capital Management LLC purchased a new stake in TC Energy in the 1st quarter valued at approximately $45,000. Truvestments Capital LLC acquired a new stake in TC Energy during the 1st quarter valued at $45,000. Golden State Wealth Management LLC increased its position in TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after buying an additional 742 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its position in TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after buying an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

TRP stock opened at $52.71 on Tuesday. The stock has a 50-day moving average price of $52.09 and a two-hundred day moving average price of $49.83. The company has a market cap of $54.83 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 4.94 and a beta of 0.75. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. TC Energy Corporation has a 12-month low of $43.51 and a 12-month high of $55.37.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same quarter in the previous year, the business earned $0.79 EPS. As a group, research analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's payout ratio is 84.30%.

Analyst Ratings Changes

TRP has been the topic of several recent research reports. Barclays restated an "overweight" rating on shares of TC Energy in a research report on Tuesday. Cibc World Mkts lowered shares of TC Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a research note on Wednesday, October 8th. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Wall Street Zen cut shares of TC Energy from a "hold" rating to a "sell" rating in a research note on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $62.00.

About TC Energy

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.

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