SIR Capital Management L.P. Makes New Investment in TC Energy Co. (NYSE:TRP)

SIR Capital Management L.P. purchased a new stake in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 757,720 shares of the pipeline company's stock, valued at approximately $35,257,000. TC Energy makes up 3.7% of SIR Capital Management L.P.'s investment portfolio, making the stock its 4th largest position. SIR Capital Management L.P. owned approximately 0.07% of TC Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TRP. BROOKFIELD Corp ON boosted its holdings in TC Energy by 31.6% during the 4th quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock valued at $87,950,000 after acquiring an additional 454,011 shares during the period. Addenda Capital Inc. boosted its stake in shares of TC Energy by 4.4% during the fourth quarter. Addenda Capital Inc. now owns 1,034,497 shares of the pipeline company's stock valued at $48,135,000 after purchasing an additional 43,639 shares during the period. Ritholtz Wealth Management grew its holdings in shares of TC Energy by 44.8% in the fourth quarter. Ritholtz Wealth Management now owns 23,957 shares of the pipeline company's stock worth $1,115,000 after purchasing an additional 7,412 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in TC Energy by 7.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock valued at $10,463,000 after buying an additional 16,334 shares during the period. Finally, Cinctive Capital Management LP grew its holdings in TC Energy by 12.3% in the 4th quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company's stock worth $9,042,000 after acquiring an additional 21,243 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

TRP has been the topic of a number of research reports. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Veritas upgraded TC Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Royal Bank of Canada increased their price objective on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Finally, StockNews.com cut shares of TC Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Performance

Shares of NYSE TRP traded down $0.37 during midday trading on Monday, hitting $49.47. 1,272,483 shares of the stock traded hands, compared to its average volume of 2,510,486. The firm has a 50-day moving average of $48.43 and a two-hundred day moving average of $47.48. TC Energy Co. has a one year low of $37.07 and a one year high of $51.34. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. The firm has a market capitalization of $51.43 billion, a P/E ratio of 15.27, a PEG ratio of 4.34 and a beta of 0.78.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same period in the previous year, the firm earned $1.02 EPS. On average, equities analysts forecast that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.6142 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 4.97%. TC Energy's dividend payout ratio (DPR) is presently 77.89%.

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.