Versor Investments LP Makes New Investment in TC Energy Corporation $TRP

Key Points

• Versor Investments LP has acquired 17,802 shares of TC Energy Corporation (NYSE:TRP), valued at approximately $841,000, during the first quarter.
• TC Energy has announced an increase in its quarterly dividend to $0.6148 per share, providing a yield of 4.9% for investors.
• Analysts have recently upgraded TC Energy’s stock rating, with a consensus rating of "Moderate Buy" and an average price target of $62.00.

Versor Investments LP bought a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,802 shares of the pipeline company's stock, valued at approximately $841,000.

A number of other institutional investors and hedge funds have also modified their holdings of TRP. Goldman Sachs Group Inc. increased its stake in shares of 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 worth $769,815,000 after purchasing an additional 15,694,336 shares in the last quarter. Bank of Nova Scotia lifted 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 acquiring an additional 7,562,887 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of TC Energy by 175.1% in the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock worth $271,845,000 after acquiring an additional 3,664,862 shares during the last quarter. Blackstone Inc. lifted its holdings in TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after buying an additional 3,482,874 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in TC Energy by 31.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock worth $444,885,000 after buying an additional 2,242,918 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analyst Ratings Changes

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

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.41 on Thursday, hitting $51.46. The company's stock had a trading volume of 1,202,494 shares, compared to its average volume of 1,487,435. TC Energy Corporation has a 12 month low of $40.13 and a 12 month high of $52.10. The company has a market capitalization of $53.52 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 4.97 and a beta of 0.75. The stock's 50-day moving average is $48.53 and its two-hundred day moving average is $48.25. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced 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. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The business 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. On average, equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm 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 dividend of $0.6148 per share. 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 boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is 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.