Westwood Holdings Group Inc. Boosts Stake in TC Energy Corporation (NYSE:TRP)

Key Points

• Westwood Holdings Group Inc. increased its stake in TC Energy Corporation by 3.8%, owning over 2 million shares worth approximately $95 million following the purchase of an additional 73,079 shares.
• The latest quarterly earnings report showed TC Energy's earnings per share (EPS) of $0.59, surpassing estimates, although revenue was lower than expected at $1.82 billion.
• TC Energy announced a quarterly dividend of $0.6148, representing a yield of 5.1%, which is an increase from the previous dividend of $0.61.

Westwood Holdings Group Inc. raised its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 3.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,012,524 shares of the pipeline company's stock after purchasing an additional 73,079 shares during the quarter. Westwood Holdings Group Inc. owned 0.19% of TC Energy worth $95,011,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Argent Trust Co raised its position in TC Energy by 6.0% in the first quarter. Argent Trust Co now owns 20,077 shares of the pipeline company's stock valued at $948,000 after purchasing an additional 1,140 shares during the period. J. Safra Sarasin Holding AG purchased a new stake in TC Energy in the first quarter valued at $2,997,000. Bank of Nova Scotia raised its position in TC Energy by 80.3% in 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 purchasing an additional 7,562,887 shares during the period. Alberta Investment Management Corp raised its position in TC Energy by 1.1% in the first quarter. Alberta Investment Management Corp now owns 2,899,029 shares of the pipeline company's stock valued at $136,889,000 after purchasing an additional 30,797 shares during the period. Finally, Wealthquest Corp purchased a new stake in TC Energy in the first quarter valued at $272,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

TRP stock opened at $48.55 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $50.49 billion, a PE ratio of 16.57, a P/E/G ratio of 4.66 and a beta of 0.75. TC Energy Corporation has a 12-month low of $37.41 and a 12-month high of $51.99. The business's fifty day moving average price is $48.51 and its 200 day moving average price is $47.89.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.82 billion for 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 quarter in the previous year, the business earned $0.79 EPS. On average, sell-side analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.6148 dividend. This represents a $2.46 annualized dividend and a dividend yield of 5.1%. 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 (DPR) is 85.32%.

Analyst Upgrades and Downgrades

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

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