Turtle Creek Wealth Advisors LLC Purchases Shares of 11,203 TC Energy Corporation $TRP

Key Points

• Turtle Creek Wealth Advisors LLC has acquired a new stake in TC Energy Corporation with the purchase of 11,203 shares valued at approximately $547,000.
• TC Energy recently announced a quarterly dividend of $0.6148 per share, representing a 4.8% yield and an increase from the previous dividend.
• Despite some analysts downgrading TC Energy's rating, the stock maintains a consensus rating of "Moderate Buy" with an average price target of $62.00.

Turtle Creek Wealth Advisors LLC purchased a new stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,203 shares of the pipeline company's stock, valued at approximately $547,000.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in TC Energy by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock valued at $2,096,739,000 after acquiring an additional 710,837 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of TC Energy by 34.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock worth $935,627,000 after buying an additional 5,053,228 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of TC Energy by 9.3% in the 2nd quarter. TD Asset Management Inc now owns 19,074,181 shares of the pipeline company's stock worth $929,316,000 after buying an additional 1,618,441 shares in the last quarter. Bank of Nova Scotia raised its holdings in shares of TC Energy by 80.3% in the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after buying an additional 7,562,887 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of TC Energy by 2,565.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock worth $769,815,000 after buying an additional 15,694,336 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

Analyst Ratings Changes

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

TC Energy Stock Down 0.5%

NYSE TRP opened at $51.47 on Friday. The firm has a market cap of $53.54 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 4.85 and a beta of 0.75. TC Energy Corporation has a one year low of $43.51 and a one year high of $55.37. The stock's 50 day simple moving average is $52.23 and its 200 day simple moving average is $49.89. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period last year, the company earned $0.79 EPS. As a group, sell-side analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is 84.30%.

TC Energy Profile

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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