TC Energy Co. (NYSE:TRP) Stake Raised by DAVENPORT & Co LLC

DAVENPORT & Co LLC increased its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.1% in the 4th quarter, Holdings Channel reports. The fund owned 85,621 shares of the pipeline company’s stock after purchasing an additional 3,334 shares during the period. DAVENPORT & Co LLC’s holdings in TC Energy were worth $3,989,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new stake in TC Energy in the 3rd quarter worth about $28,000. Blue Trust Inc. raised its stake in shares of TC Energy by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Versant Capital Management Inc purchased a new stake in shares of TC Energy during the 4th quarter worth about $33,000. Point72 DIFC Ltd purchased a new stake in shares of TC Energy during the 3rd quarter worth about $39,000. Finally, UMB Bank n.a. purchased a new stake in shares of TC Energy during the 4th quarter worth about $47,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

TRP opened at $45.29 on Tuesday. The firm has a market capitalization of $47.06 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 4.31 and a beta of 0.82. The stock’s 50 day moving average price is $46.99 and its two-hundred day moving average price is $46.21. 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 12-month low of $31.83 and a 12-month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released 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. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. On average, equities analysts forecast that TC Energy Co. will post 2.95 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were given a $0.822 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a dividend yield of 7.26%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s dividend payout ratio (DPR) is currently 63.16%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRP. StockNews.com began coverage on TC Energy in a research note on Wednesday, December 4th. They set a “hold” rating for the company. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Veritas raised TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. BMO Capital Markets increased their price objective on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $56.00.

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 93,600 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.