Elevation Point Wealth Partners LLC Makes New Investment in TC Energy Corporation $TRP

Elevation Point Wealth Partners LLC acquired a new stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,752 shares of the pipeline company’s stock, valued at approximately $2,639,000.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in TC Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company’s stock valued at $2,632,200,000 after purchasing an additional 980,221 shares in the last quarter. FIL Ltd grew its holdings in shares of TC Energy by 3.9% during the fourth quarter. FIL Ltd now owns 28,305,789 shares of the pipeline company’s stock worth $1,558,669,000 after buying an additional 1,052,166 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock worth $1,150,656,000 after buying an additional 1,244,525 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of TC Energy during the second quarter worth about $1,107,936,000. Finally, Deutsche Bank AG raised its position in shares of TC Energy by 1.3% in the second quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company’s stock valued at $1,048,809,000 after buying an additional 196,543 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TRP. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, July 21st. Royal Bank Of Canada lifted their target price on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of TC Energy in a report on Friday, July 31st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, Morgan Stanley downgraded TC Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $89.00.

TC Energy Stock Performance

NYSE:TRP opened at $62.04 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. The company has a market cap of $64.64 billion, a P/E ratio of 25.74 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. The firm’s 50 day moving average is $66.95 and its two-hundred day moving average is $65.29.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period in the previous year, the company earned $0.82 EPS. Analysts expect that TC Energy Corporation will post 2.78 EPS for the current 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 given a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s payout ratio is 102.49%.

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.