The Manufacturers Life Insurance Company Acquires New Holdings in TC Energy Corporation $TRP

Key Points

• The Manufacturers Life Insurance Company acquired 5.49 million TC Energy shares during the second quarter, valued at approximately $363 million and representing about 0.53% of the company. Institutional investors collectively own 83.13% of TC Energy.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $89.00, compared with the stock’s reported price of $62.06.
• TC Energy exceeded quarterly earnings and revenue expectations, reporting $0.68 in EPS and $2.80 billion in revenue. The company also declared a quarterly dividend of $0.8775 per share, equating to a 5.7% annualized yield.

The Manufacturers Life Insurance Company bought a new stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,491,844 shares of the pipeline company's stock, valued at approximately $362,982,000. The Manufacturers Life Insurance Company owned approximately 0.53% of TC Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of TC Energy during the fourth quarter worth $25,000. Sterling Capital Management LLC acquired a new stake in shares of TC Energy during the 1st quarter valued at $26,000. McIlrath & Eck LLC acquired a new stake in shares of TC Energy during the 4th quarter valued at $32,000. Trust Co. of Vermont bought a new stake in TC Energy during the 2nd quarter worth $33,000. Finally, SWAN Capital LLC bought a new stake in TC Energy during the 3rd quarter worth $40,000. Institutional investors own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TRP shares. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a report on Thursday, August 20th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 price objective on shares of TC Energy in a research note on Friday, July 31st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. National Bank Financial raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 4th. Finally, Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.00.

TC Energy Stock Up 0.1%

Shares of TC Energy stock opened at $62.06 on Tuesday. The stock's 50-day moving average is $66.80 and its 200 day moving average is $65.30. TC Energy Corporation has a one year low of $49.27 and a one year high of $71.47. The firm has a market cap of $64.66 billion, a price-to-earnings ratio of 25.75 and a beta of 0.66. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same period in the previous year, the company posted $0.82 earnings per share. Equities research analysts anticipate that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. TC Energy's dividend payout ratio (DPR) is 102.49%.

TC Energy Company Profile

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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