Geode Capital Management LLC Increases Stock Holdings in TC Energy Corporation $TRP

Geode Capital Management LLC grew its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 21.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 8,189,585 shares of the pipeline company’s stock after purchasing an additional 1,432,270 shares during the quarter. Geode Capital Management LLC’s holdings in TC Energy were worth $401,483,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Hilltop National Bank bought a new stake in TC Energy during the second quarter valued at approximately $32,000. Harbor Asset Planning Inc. bought a new position in TC Energy in the second quarter worth approximately $43,000. Truvestments Capital LLC purchased a new position in shares of TC Energy during the 1st quarter worth $45,000. SouthState Corp boosted its stake in shares of TC Energy by 2,757.1% during the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock worth $49,000 after acquiring an additional 965 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its position in shares of TC Energy by 75.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company’s stock valued at $55,000 after acquiring an additional 501 shares during the period. Institutional investors own 83.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TRP shares. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of TC Energy in a report on Thursday. Cibc World Mkts cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Finally, Cibc Captl Mkts upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $77.00.

TC Energy Stock Performance

NYSE:TRP opened at $55.17 on Friday. The stock has a 50-day moving average price of $52.41 and a 200 day moving average price of $50.47. The stock has a market capitalization of $57.41 billion, a P/E ratio of 18.83, a P/E/G ratio of 4.82 and a beta of 0.73. TC Energy Corporation has a 12-month low of $43.51 and a 12-month high of $55.37. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the previous year, the firm earned $1.03 EPS. Equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be given a dividend of $0.85 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio (DPR) is currently 103.88%.

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.