TC Energy Co. (NYSE:TRP) Shares Purchased by State of Wyoming

State of Wyoming increased its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 126.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,250 shares of the pipeline company’s stock after purchasing an additional 5,730 shares during the quarter. State of Wyoming’s holdings in TC Energy were worth $477,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in TRP. Norges Bank purchased a new stake in shares of TC Energy during the fourth quarter worth $428,759,000. Mufg Securities Canada LTD. boosted its position in TC Energy by 571.7% during the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company’s stock worth $288,043,000 after acquiring an additional 5,264,079 shares during the last quarter. Blackstone Inc. grew its stake in TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company’s stock valued at $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. FIL Ltd grew its stake in TC Energy by 10.3% during the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock valued at $1,325,558,000 after acquiring an additional 2,644,627 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in TC Energy in the 4th quarter valued at about $102,405,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Price Performance

TRP stock opened at $49.47 on Tuesday. TC Energy Co. has a 52-week low of $37.07 and a 52-week high of $51.34. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. The stock has a market cap of $51.43 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 4.34 and a beta of 0.78. The business has a fifty day moving average of $48.48 and a two-hundred day moving average of $47.51.

TC Energy (NYSE:TRP) (TSE:TRP) last released 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 business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations 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 prior year, the company posted $1.02 earnings per share. As a group, research analysts anticipate that TC Energy Co. will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently declared 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. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy’s dividend payout ratio is presently 77.89%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRP. Citigroup started coverage on TC Energy in a report on Friday, April 4th. They set a “neutral” rating on the stock. StockNews.com lowered TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Cibc World Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. US Capital Advisors raised TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada boosted their price target on shares of TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

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.