Tortoise Capital Advisors L.L.C. Buys 393,258 Shares of TC Energy Corporation $TRP

Key Points

• Tortoise Capital Advisors L.L.C. increased its stake in TC Energy Corporation by 4.7%, owning a total of 8,673,255 shares, which makes up 5.0% of its portfolio.
• Notable institutional investors, including Goldman Sachs Group Inc. and Bank of Nova Scotia, significantly expanded their holdings in TC Energy, indicating strong institutional interest in the company.
• The company recently declared a quarterly dividend increase to $0.6148 per share, with a dividend yield of 4.8%, highlighting its solid return for investors.

Tortoise Capital Advisors L.L.C. grew its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,673,255 shares of the pipeline company's stock after purchasing an additional 393,258 shares during the quarter. TC Energy makes up 5.0% of Tortoise Capital Advisors L.L.C.'s holdings, making the stock its 8th biggest position. Tortoise Capital Advisors L.L.C. owned about 0.83% of TC Energy worth $409,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of TRP. Goldman Sachs Group Inc. grew its position in shares of TC Energy by 2,565.1% in the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after purchasing an additional 15,694,336 shares during the period. Bank of Nova Scotia grew its position in shares of TC Energy by 80.3% in the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock valued at $802,164,000 after purchasing an additional 7,562,887 shares during the period. Deutsche Bank AG grew its position in shares of TC Energy by 175.1% in the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock valued at $271,845,000 after purchasing an additional 3,664,862 shares during the period. Blackstone Inc. grew its position in shares of TC Energy by 83.8% in the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after purchasing an additional 3,482,874 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of TC Energy by 31.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock valued at $444,885,000 after purchasing an additional 2,242,918 shares during the period. Institutional investors and hedge funds own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TRP. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Finally, Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Performance

NYSE:TRP opened at $51.46 on Friday. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a market capitalization of $53.52 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 4.97 and a beta of 0.75. The company's 50-day moving average is $48.53 and its two-hundred day moving average is $48.25. TC Energy Corporation has a 1-year low of $40.13 and a 1-year high of $52.10.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its 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. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same period in the previous year, the business posted $0.79 EPS. Analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently declared 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. This is a positive change from TC Energy's previous quarterly dividend of $0.61. 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 4.8%. TC Energy's payout ratio is presently 85.32%.

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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