Raleigh Capital Management Inc. Buys 783 Shares of TC Energy Corporation $TRP

Raleigh Capital Management Inc. lifted its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 3.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 27,046 shares of the pipeline company’s stock after acquiring an additional 783 shares during the period. Raleigh Capital Management Inc.’s holdings in TC Energy were worth $1,320,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in TRP. Goldman Sachs Group Inc. lifted its stake in shares of TC Energy by 2,565.1% in 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 buying an additional 15,694,336 shares during the period. Bank of Nova Scotia lifted its stake in shares of TC Energy by 80.3% in 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 buying an additional 7,562,887 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of TC Energy by 34.2% in 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 buying an additional 5,053,228 shares during the period. Deutsche Bank AG lifted its stake in shares of TC Energy by 175.1% in the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company’s stock valued at $271,845,000 after buying an additional 3,664,862 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of 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 valued at $444,885,000 after buying an additional 2,242,918 shares during the period. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

NYSE:TRP opened at $53.44 on Tuesday. TC Energy Corporation has a 1 year low of $42.69 and a 1 year high of $54.18. The firm has a 50 day moving average of $50.84 and a 200-day moving average of $49.45. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $55.59 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 5.13 and a beta of 0.77.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, sell-side analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.6%. 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 presently 85.32%.

Analyst Ratings Changes

A number of brokerages have commented on TRP. Wall Street Zen upgraded shares of TC Energy from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, TC Energy has an average rating of “Moderate Buy” and a consensus target price of $62.00.

About TC Energy

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.