Vanguard Group Inc. Buys 710,837 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• Vanguard Group Inc. increased its stake in TC Energy Corporation by 1.6%, acquiring an additional 710,837 shares, bringing its total ownership to approximately 44.4 million shares valued at over $2 billion.
• TC Energy recently announced a quarterly dividend of $0.6148 per share, representing a boost from the previous dividend and a 5.0% yield.
• Research analysts upgraded TC Energy's stock ratings, with the consensus rating now at "Moderate Buy" and a price target of $62.00.

Vanguard Group Inc. boosted its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 44,397,978 shares of the pipeline company's stock after acquiring an additional 710,837 shares during the period. Vanguard Group Inc. owned 4.27% of TC Energy worth $2,096,739,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lowe Wealth Advisors LLC bought a new position in TC Energy in the first quarter worth approximately $30,000. TruNorth Capital Management LLC bought a new position in shares of TC Energy in the first quarter valued at approximately $45,000. Golden State Wealth Management LLC lifted its holdings in shares of TC Energy by 222.2% in the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after purchasing an additional 742 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of TC Energy by 75.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after purchasing an additional 501 shares in the last quarter. Finally, HM Payson & Co. bought a new position in shares of TC Energy in the first quarter valued at approximately $60,000. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

NYSE:TRP traded up $0.14 during trading hours on Tuesday, reaching $50.11. The stock had a trading volume of 1,104,143 shares, compared to its average volume of 1,737,843. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a 50 day simple moving average of $48.43 and a 200 day simple moving average of $47.97. TC Energy Corporation has a 12-month low of $39.61 and a 12-month high of $51.99. The stock has a market cap of $52.11 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 4.80 and a beta of 0.75.

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 analysts' consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate 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 business posted $0.79 earnings per share. On average, 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. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.9%. TC Energy's dividend payout ratio (DPR) is presently 85.32%.

Wall Street Analyst Weigh In

TRP has been the subject of a number of research analyst reports. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Company 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.