State of Wisconsin Investment Board lifted its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 156.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,257,269 shares of the pipeline company’s stock after acquiring an additional 766,450 shares during the period. State of Wisconsin Investment Board’s holdings in TC Energy were worth $57,629,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Bank of Montreal Can grew its stake in shares of TC Energy by 7.2% in the first quarter. Bank of Montreal Can now owns 30,623,585 shares of the pipeline company’s stock valued at $1,440,839,000 after acquiring an additional 2,050,610 shares in the last quarter. FIL Ltd grew its stake in shares of TC Energy by 26.9% in the first quarter. FIL Ltd now owns 19,378,739 shares of the pipeline company’s stock valued at $888,365,000 after acquiring an additional 4,108,971 shares in the last quarter. Bank of Nova Scotia grew its stake in TC Energy by 498.7% during the first quarter. Bank of Nova Scotia now owns 13,182,078 shares of the pipeline company’s stock worth $603,329,000 after buying an additional 10,980,186 shares in the last quarter. CIBC Asset Management Inc grew its stake in TC Energy by 13.5% during the first quarter. CIBC Asset Management Inc now owns 10,139,113 shares of the pipeline company’s stock worth $464,431,000 after buying an additional 1,206,343 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in TC Energy by 36.8% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 9,202,481 shares of the pipeline company’s stock worth $421,830,000 after buying an additional 2,474,063 shares in the last quarter. Institutional investors and hedge funds own 69.47% of the company’s stock.
TRP has been the topic of a number of analyst reports. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating and set a $76.00 price objective on the stock. in a research note on Tuesday. Wells Fargo & Company increased their price objective on shares of TC Energy from $66.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 13th. Finally, CIBC increased their target price on shares of TC Energy from C$70.00 to C$74.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $68.08.
TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, May 7th. The pipeline company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.02. The business had revenue of $2.59 billion during the quarter. TC Energy had a net margin of 17.91% and a return on equity of 13.97%. Analysts predict that TC Energy Co. will post 3.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 30th. Investors of record on Wednesday, June 30th will be issued a $0.7137 dividend. This represents a $2.85 dividend on an annualized basis and a yield of 5.89%. The ex-dividend date of this dividend is Tuesday, June 29th. This is a positive change from TC Energy’s previous quarterly dividend of $0.69. TC Energy’s dividend payout ratio (DPR) is 39.49%.
TC Energy Company Profile
TC Energy Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage segments. The company builds and operates 93,400 km network 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.
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