Wellington Management Group LLP Takes Position in TC Energy Corporation $TRP

Key Points

• Wellington Management Group initiated a position in TC Energy during the second quarter, buying 112,545 shares valued at approximately $7.45 million. Institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.68, exceeding the $0.61 consensus estimate, while revenue reached $2.80 billion versus expectations of $2.76 billion.
• The company declared a quarterly dividend of $0.8775 per share, equivalent to an annualized $3.51 payout and a 5.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

Wellington Management Group LLP purchased a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 112,545 shares of the pipeline company's stock, valued at approximately $7,450,000.

Several other institutional investors and hedge funds have also bought and sold shares of TRP. Sterling Capital Management LLC acquired a new position in shares of TC Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in TC Energy during the fourth quarter worth $25,000. Trust Co. of Vermont acquired a new stake in shares of TC Energy in the 2nd quarter valued at $33,000. SWAN Capital LLC bought a new position in shares of TC Energy in the 3rd quarter valued at $40,000. Finally, Aberdeen Wealth Management LLC acquired a new position in shares of TC Energy during the 2nd quarter worth $51,000. Institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

TRP stock opened at $63.46 on Wednesday. The company has a market capitalization of $63.46 billion, a P/E ratio of 26.33 and a beta of 0.66. The company has a fifty day moving average price of $65.49 and a 200-day moving average price of $65.42. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $0.82 EPS. As a group, equities analysts expect that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.5%. TC Energy's dividend payout ratio is 104.98%.

Analyst Ratings Changes

Several research firms recently weighed in on TRP. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research note on Thursday, August 20th. BMO Capital Markets reissued an "outperform" rating and issued a $99.00 target price on shares of TC Energy in a report on Friday, July 31st. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a report on Tuesday, July 21st. Finally, Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, TC Energy has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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