Franklin Resources Inc. Has $75.08 Million Stake in TC Energy Corporation $TRP

Franklin Resources Inc. trimmed its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 22.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,537,216 shares of the pipeline company’s stock after selling 433,324 shares during the period. Franklin Resources Inc. owned approximately 0.15% of TC Energy worth $75,083,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc lifted its holdings in TC Energy by 4.9% during the second quarter. Legal & General Group Plc now owns 9,645,179 shares of the pipeline company’s stock worth $469,954,000 after acquiring an additional 446,294 shares in the last quarter. MAI Capital Management increased its position in shares of TC Energy by 34.0% during the 2nd quarter. MAI Capital Management now owns 3,470 shares of the pipeline company’s stock worth $169,000 after purchasing an additional 881 shares during the last quarter. JPMorgan Chase & Co. raised its position in TC Energy by 7.4% during the second quarter. JPMorgan Chase & Co. now owns 10,724,325 shares of the pipeline company’s stock worth $523,240,000 after acquiring an additional 738,012 shares in the last quarter. Magnetar Financial LLC acquired a new stake in TC Energy in the 2nd quarter valued at about $452,000. Finally, Swiss National Bank lifted its position in shares of TC Energy by 6.9% in the second quarter. Swiss National Bank now owns 3,158,301 shares of the pipeline company’s stock valued at $153,595,000 after buying an additional 204,700 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Price Performance

Shares of NYSE:TRP opened at $53.70 on Tuesday. The firm has a market capitalization of $55.88 billion, a PE ratio of 18.33, a P/E/G ratio of 4.82 and a beta of 0.73. TC Energy Corporation has a twelve month low of $43.51 and a twelve month high of $55.37. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The company has a 50-day moving average price of $52.67 and a two-hundred day moving average price of $50.63.

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

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. This is an increase 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 6.3%. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio (DPR) is currently 103.88%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TRP shares. US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research report on Thursday, August 21st. Royal Bank Of Canada upped their price objective on TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TC Energy in a research note on Wednesday, November 19th. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research note on Tuesday, October 14th. Finally, Wall Street Zen lowered TC Energy from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $84.00.

TC Energy Company 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.