The Manufacturers Life Insurance Company Has $315.29 Million Stock Holdings in TC Energy Corporation $TRP

Key Points

• The Manufacturers Life Insurance Company increased its TC Energy stake by 4.5% in the first quarter, holding 5.04 million shares valued at approximately $315.3 million. Institutional investors collectively own 83.13% of the company.
• Analyst sentiment remains broadly positive, with TC Energy carrying a consensus “Moderate Buy” rating and an average price target of $78.50, despite Morgan Stanley downgrading the stock to “equal weight.”
• TC Energy reported quarterly EPS of $0.72, above estimates, and declared a quarterly dividend of $0.8775, representing a 5.1% annualized yield; shares recently traded at $68.29, down 3.3%.

The Manufacturers Life Insurance Company lifted its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,039,536 shares of the pipeline company's stock after purchasing an additional 218,761 shares during the period. The Manufacturers Life Insurance Company owned about 0.50% of TC Energy worth $315,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in TRP. Sterling Capital Management LLC bought a new position in TC Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in TC Energy during the 4th quarter worth approximately $25,000. Trust Co. of Vermont bought a new stake in TC Energy during the 4th quarter worth approximately $28,000. McIlrath & Eck LLC bought a new stake in TC Energy during the 4th quarter worth approximately $32,000. Finally, SWAN Capital LLC acquired a new position in TC Energy in the 3rd quarter valued at approximately $40,000. Institutional investors and hedge funds own 83.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TRP shares. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. TD Securities restated a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. Scotiabank restated an "outperform" rating on shares of TC Energy in a report on Tuesday, July 21st. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of TC Energy in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $78.50.

TC Energy Trading Down 3.3%

TRP opened at $68.29 on Tuesday. TC Energy Corporation has a twelve month low of $46.61 and a twelve month high of $71.47. The company has a fifty day moving average of $68.59 and a 200-day moving average of $64.09. The stock has a market cap of $71.15 billion, a PE ratio of 29.64 and a beta of 0.66. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $0.95 earnings per share. On average, sell-side analysts predict that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy's payout ratio is currently 107.39%.

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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