Cinctive Capital Management LP Buys New Shares in TC Energy Co. (NYSE:TRP)

Cinctive Capital Management LP purchased a new position in TC Energy Co. (NYSE:TRP) (TSE:TRP) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 172,890 shares of the pipeline company’s stock, valued at approximately $8,218,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new position in shares of TC Energy during the 3rd quarter worth about $749,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in TC Energy in the 3rd quarter valued at about $92,000. Erste Asset Management GmbH acquired a new position in TC Energy during the 3rd quarter worth approximately $1,216,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in TC Energy by 60.7% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,068,697 shares of the pipeline company’s stock worth $50,795,000 after acquiring an additional 403,646 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in TC Energy in the third quarter valued at approximately $6,110,000. 83.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. UBS Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. The Goldman Sachs Group raised their price objective on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Monday, October 21st. Veritas raised shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Finally, StockNews.com assumed coverage on shares of TC Energy in a report on Tuesday, November 26th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.67.

TC Energy Price Performance

TRP opened at $48.93 on Monday. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. The company has a market capitalization of $50.79 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 4.08 and a beta of 0.81. The firm’s fifty day moving average price is $47.49 and its two-hundred day moving average price is $43.62.

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

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.822 dividend. The ex-dividend date is Tuesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.72%. TC Energy’s dividend payout ratio is currently 67.31%.

TC Energy Company 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.