Kovitz Investment Group Partners LLC Purchases New Position in TC Energy Co. (NYSE:TRP)

Kovitz Investment Group Partners LLC acquired a new position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) in the third quarter, HoldingsChannel reports. The institutional investor acquired 12,182 shares of the pipeline company’s stock, valued at approximately $577,000.

A number of other institutional investors also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new stake in TC Energy during the second quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 429 shares during the period. Fortitude Family Office LLC bought a new position in TC Energy in the 3rd quarter worth $28,000. Blue Trust Inc. lifted its position in TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in TC Energy during the third quarter valued at about $39,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 1.1 %

NYSE TRP opened at $46.78 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.37. The business’s fifty day simple moving average is $47.66 and its 200-day simple moving average is $44.11. The firm has a market cap of $48.56 billion, a PE ratio of 12.96, a P/E/G ratio of 4.03 and a beta of 0.82.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. As a group, equities analysts anticipate that TC Energy Co. will post 3 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 7.03%. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s payout ratio is 67.31%.

Analyst Upgrades and Downgrades

TRP has been the topic of several research analyst reports. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group lifted their price objective on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Monday, October 21st. BMO Capital Markets boosted their target price on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, TC Energy currently has an average rating of “Hold” and a consensus price target of $55.67.

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.