Aviva PLC increased its position in shares of TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 66.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,417,430 shares of the pipeline company’s stock after acquiring an additional 563,880 shares during the quarter. Aviva PLC owned approximately 0.14% of TC Energy worth $55,088,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. First Republic Investment Management Inc. boosted its position in TC Energy by 24.1% during the first quarter. First Republic Investment Management Inc. now owns 65,306 shares of the pipeline company’s stock worth $2,541,000 after acquiring an additional 12,695 shares during the last quarter. ProShare Advisors LLC purchased a new position in TC Energy during the first quarter worth approximately $5,119,000. CIBC Private Wealth Group LLC raised its stake in TC Energy by 6.4% during the first quarter. CIBC Private Wealth Group LLC now owns 454,131 shares of the pipeline company’s stock worth $9,933,000 after purchasing an additional 27,505 shares during the period. HighTower Advisors LLC raised its stake in TC Energy by 7.8% during the first quarter. HighTower Advisors LLC now owns 794,598 shares of the pipeline company’s stock worth $30,965,000 after purchasing an additional 57,486 shares during the period. Finally, Benedict Financial Advisors Inc. raised its stake in TC Energy by 5.6% during the first quarter. Benedict Financial Advisors Inc. now owns 49,648 shares of the pipeline company’s stock worth $1,932,000 after purchasing an additional 2,630 shares during the period. Institutional investors and hedge funds own 71.21% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on TRP shares. BMO Capital Markets downgraded shares of TC Energy from an “outperform” rating to a “market perform” rating in a research note on Friday, July 28th. Royal Bank of Canada cut their price target on shares of TC Energy from $65.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, July 31st. TD Securities downgraded shares of TC Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $62.00 to $50.00 in a research note on Friday, July 28th. CIBC downgraded shares of TC Energy from a “sector outperform” rating to a “neutral” rating in a research note on Monday, July 24th. Finally, Scotiabank cut their target price on shares of TC Energy from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $58.06.
TC Energy Stock Up 0.7 %
TC Energy stock traded up $0.26 during midday trading on Wednesday, hitting $36.29. 920,943 shares of the stock were exchanged, compared to its average volume of 2,145,336. TC Energy Co. has a 1 year low of $33.02 and a 1 year high of $51.18. The firm has a market cap of $37.65 billion, a P/E ratio of 50.33, a P/E/G ratio of 2.80 and a beta of 0.83. The company has a debt-to-equity ratio of 1.78, a current ratio of 0.61 and a quick ratio of 0.52. The company has a 50 day moving average price of $37.69 and a two-hundred day moving average price of $39.50.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last released its quarterly earnings results on Thursday, July 27th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.02). TC Energy had a return on equity of 13.80% and a net margin of 6.89%. The firm had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.74 billion. On average, sell-side analysts predict that TC Energy Co. will post 3.19 earnings per share for the current fiscal year.
TC Energy Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.702 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.69. This represents a $2.81 annualized dividend and a yield of 7.74%. The ex-dividend date of this dividend is Thursday, September 28th. TC Energy’s dividend payout ratio (DPR) is currently 388.89%.
TC Energy 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 93,700 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.