The Manufacturers Life Insurance Company Buys 452,308 Shares of TC Energy Corporation $TRP

Key Points

• The Manufacturers Life Insurance Company increased its TC Energy stake by 9%, purchasing 452,308 shares to hold 5.49 million shares worth approximately $363 million. Institutional investors collectively own 83.13% of the company.
• TC Energy exceeded quarterly expectations, reporting EPS of $0.68 versus the $0.61 consensus and revenue of $2.80 billion. Analysts forecast full-year EPS of $2.78.
• The company declared a quarterly dividend of $0.8775 per share, equivalent to $3.51 annually and a 5.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

The Manufacturers Life Insurance Company increased its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 9.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,491,844 shares of the pipeline company's stock after purchasing an additional 452,308 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.55% of TC Energy worth $362,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in TRP. Sterling Capital Management LLC bought a new position in shares of TC Energy during the first quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in TC Energy in the 4th quarter valued at approximately $25,000. Trust Co. of Vermont bought a new stake in TC Energy in the 2nd quarter valued at approximately $33,000. SWAN Capital LLC acquired a new position in TC Energy during the 3rd quarter worth approximately $40,000. Finally, Aberdeen Wealth Management LLC acquired a new position in TC Energy during the 2nd quarter worth approximately $51,000. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

Shares of TRP stock opened at $61.88 on Friday. The company has a fifty day moving average price of $65.36 and a two-hundred day moving average price of $65.42. TC Energy Corporation has a one year low of $49.27 and a one year high of $71.47. The stock has a market cap of $61.88 billion, a P/E ratio of 25.68 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 (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the business posted $0.82 EPS. As a group, equities analysts predict that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.7%. TC Energy's payout ratio is presently 102.49%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TRP shares. Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a report on Tuesday, September 1st. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada raised their price objective on TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and a consensus target price of $89.00.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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