The Manufacturers Life Insurance Company Buys 218,761 Shares of TC Energy Corporation $TRP

The Manufacturers Life Insurance Company lifted its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,039,536 shares of the pipeline company’s stock after acquiring an additional 218,761 shares during the period. The Manufacturers Life Insurance Company’s holdings in TC Energy were worth $315,289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TRP. GQG Partners LLC grew its holdings in TC Energy by 586.5% in the fourth quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock worth $890,711,000 after purchasing an additional 13,801,371 shares during the period. Norges Bank acquired a new position in shares of TC Energy during the fourth quarter valued at about $583,732,000. Deutsche Bank AG raised its holdings in shares of TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock valued at $846,288,000 after purchasing an additional 5,956,263 shares during the period. BROOKFIELD Corp ON bought a new position in shares of TC Energy during the 2nd quarter worth about $78,443,000. Finally, TD Asset Management Inc boosted its position in shares of TC Energy by 6.3% during the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock worth $1,150,656,000 after purchasing an additional 1,244,525 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Stock Down 3.3%

TC Energy stock opened at $68.29 on Tuesday. The firm has a market capitalization of $71.15 billion, a price-to-earnings ratio of 29.64 and a beta of 0.66. The firm’s fifty day moving average price is $68.59 and its two-hundred day moving average price is $64.09. TC Energy Corporation has a 1-year low of $46.61 and a 1-year high of $71.47. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the prior year, the business posted $0.95 EPS. On average, equities research analysts predict that TC Energy Corporation will post 2.72 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 annualized dividend and a yield of 5.1%. TC Energy’s dividend payout ratio is 107.39%.

Wall Street Analyst Weigh In

TRP has been the subject of several research reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Royal Bank Of Canada increased their price target on TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, July 21st. Finally, National Bank Financial upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, TC Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.50.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.