Sequoia Financial Advisors LLC Raises Stake in TC Energy Corporation $TRP

Sequoia Financial Advisors LLC grew its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 21.2% in the second quarter, Holdings Channel reports. The firm owned 13,983 shares of the pipeline company’s stock after acquiring an additional 2,444 shares during the period. Sequoia Financial Advisors LLC’s holdings in TC Energy were worth $682,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRP. Goldman Sachs Group Inc. boosted its stake in shares of TC Energy by 2,565.1% during the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock valued at $769,815,000 after purchasing an additional 15,694,336 shares during the period. Bank of Nova Scotia boosted its stake in shares of TC Energy by 80.3% during 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. Canada Pension Plan Investment Board boosted its stake in shares of TC Energy by 34.2% during the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock valued at $935,627,000 after purchasing an additional 5,053,228 shares during the period. Deutsche Bank AG boosted its stake in shares of TC Energy by 175.1% during the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company’s stock valued at $271,845,000 after purchasing an additional 3,664,862 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in TC Energy by 31.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company’s stock worth $444,885,000 after acquiring an additional 2,242,918 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TC Energy stock opened at $51.47 on Monday. The company has a market capitalization of $53.54 billion, a PE ratio of 17.57, a P/E/G ratio of 4.84 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The company has a 50-day simple moving average of $52.27 and a two-hundred day simple moving average of $49.93. TC Energy Corporation has a one year low of $43.51 and a one year high of $55.37.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same period in the previous year, the company posted $0.79 earnings per share. Research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal 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 issued a dividend of $0.6148 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.8%. This is an increase from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. TC Energy’s dividend payout ratio is currently 84.30%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TRP. US Capital Advisors lowered shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. TD Securities reaffirmed a “buy” rating on shares of TC Energy in a research note on Friday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TC Energy in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Finally, Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, TC Energy currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

TC Energy 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.