Corient Private Wealth LP Makes New Investment in TC Energy Corporation $TRP

Corient Private Wealth LP bought a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 37,140 shares of the pipeline company’s stock, valued at approximately $2,462,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of TC Energy during the fourth quarter valued at about $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy in the first quarter worth about $26,000. McIlrath & Eck LLC bought a new position in shares of TC Energy in the fourth quarter valued at approximately $32,000. Trust Co. of Vermont bought a new position in shares of TC Energy in the second quarter valued at approximately $33,000. Finally, SWAN Capital LLC purchased a new position in TC Energy during the third quarter valued at approximately $40,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

TC Energy stock opened at $62.59 on Thursday. The firm’s fifty day moving average price is $65.95 and its 200-day moving average price is $65.41. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a market cap of $65.21 billion, a P/E ratio of 25.97 and a beta of 0.66. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm posted $0.82 EPS. On average, equities research analysts expect that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a yield of 5.6%. TC Energy’s payout ratio is 102.49%.

Analysts Set New Price Targets

TRP has been the topic of a number of analyst reports. Jefferies Financial Group raised shares of TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. TD Securities reissued a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. Royal Bank Of Canada boosted their target price on TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.00.

About TC Energy

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.