Valicenti Advisory Services Inc. Invests $2.44 Million in TC Energy Corporation $TRP

Key Points

• Valicenti Advisory Services Inc. has invested approximately $2.44 million in TC Energy Corporation by purchasing nearly 50,000 shares.
• Several major hedge funds have significantly increased their holdings in TC Energy, with Goldman Sachs boosting its position by over 2,500% during the last quarter.
• TC Energy announced an increase in its quarterly dividend from $0.61 to $0.6148 per share, reflecting a strong dividend yield of 4.6%.

Valicenti Advisory Services Inc. purchased a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 49,955 shares of the pipeline company's stock, valued at approximately $2,437,000.

Several other hedge funds have also recently modified their holdings of TRP. Goldman Sachs Group Inc. increased its position in TC Energy by 2,565.1% during 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 acquiring an additional 15,694,336 shares during the last quarter. Bank of Nova Scotia increased its position in TC Energy by 80.3% during 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 acquiring an additional 7,562,887 shares during the last quarter. Canada Pension Plan Investment Board increased its position in TC Energy by 34.2% during the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock valued at $935,627,000 after acquiring an additional 5,053,228 shares during the last quarter. Deutsche Bank AG increased its position in TC Energy by 175.1% during the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock valued at $271,845,000 after acquiring an additional 3,664,862 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in TC Energy by 31.3% during 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 acquiring an additional 2,242,918 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

NYSE:TRP opened at $53.39 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. TC Energy Corporation has a 12-month low of $42.18 and a 12-month high of $54.18. The stock has a 50-day moving average price of $50.72 and a 200 day moving average price of $49.37. The stock has a market capitalization of $55.54 billion, a P/E ratio of 18.22, a P/E/G ratio of 5.15 and a beta of 0.77.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter last year, the business posted $0.79 earnings per share. Equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given a dividend of $0.6148 per share. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 29th. TC Energy's dividend payout ratio (DPR) is 85.32%.

Wall Street Analyst Weigh In

A number of analysts recently commented on TRP shares. Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Finally, US Capital Advisors cut TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

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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