The Manufacturers Life Insurance Company Acquires 285,783 Shares of TC Energy Co. (NYSE:TRP)

The Manufacturers Life Insurance Company raised its position in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 10.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,952,435 shares of the pipeline company's stock after acquiring an additional 285,783 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.28% of TC Energy worth $137,758,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRP. NTV Asset Management LLC increased its holdings in TC Energy by 4.0% during the 4th quarter. NTV Asset Management LLC now owns 6,189 shares of the pipeline company's stock valued at $288,000 after purchasing an additional 239 shares during the period. Lee Financial Co increased its stake in shares of TC Energy by 3.1% during the fourth quarter. Lee Financial Co now owns 8,185 shares of the pipeline company's stock valued at $381,000 after buying an additional 246 shares during the period. IFP Advisors Inc raised its holdings in shares of TC Energy by 7.0% during the fourth quarter. IFP Advisors Inc now owns 3,809 shares of the pipeline company's stock valued at $177,000 after acquiring an additional 249 shares in the last quarter. Global Retirement Partners LLC lifted its stake in TC Energy by 7.2% in the fourth quarter. Global Retirement Partners LLC now owns 4,099 shares of the pipeline company's stock worth $191,000 after acquiring an additional 274 shares during the period. Finally, Cohen Investment Advisors LLC boosted its holdings in TC Energy by 2.9% in the fourth quarter. Cohen Investment Advisors LLC now owns 9,831 shares of the pipeline company's stock valued at $457,000 after acquiring an additional 279 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TRP shares. Veritas raised TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday. TD Securities initiated coverage on shares of TC Energy in a report on Wednesday, January 15th. They set a "buy" rating on the stock. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada raised their target price on shares of TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

Shares of TRP stock traded up $0.94 during trading hours on Friday, reaching $50.95. 2,091,960 shares of the company traded hands, compared to its average volume of 2,546,903. The firm has a 50-day moving average price of $47.57 and a 200 day moving average price of $47.30. The company has a market cap of $52.97 billion, a P/E ratio of 15.73, a P/E/G ratio of 4.34 and a beta of 0.78. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23. TC Energy Co. has a 12-month low of $37.07 and a 12-month high of $51.25.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter in the previous year, the company earned $1.02 earnings per share. As a group, sell-side analysts predict that TC Energy Co. will post 2.63 earnings per share 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 issued a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio (DPR) is currently 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.