Lorne Steinberg Wealth Management Inc. Buys 19,834 Shares of TC Energy Co. (NYSE:TRP)

Lorne Steinberg Wealth Management Inc. raised its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 13.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,282 shares of the pipeline company’s stock after purchasing an additional 19,834 shares during the quarter. TC Energy accounts for approximately 2.2% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 17th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in TC Energy were worth $6,458,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TRP. Allspring Global Investments Holdings LLC grew its stake in TC Energy by 29,994.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock valued at $12,094,000 after purchasing an additional 308,348 shares during the last quarter. Addenda Capital Inc. boosted its position in TC Energy by 2.5% in the 4th quarter. Addenda Capital Inc. now owns 1,089,146 shares of the pipeline company’s stock worth $42,575,000 after purchasing an additional 26,711 shares in the last quarter. Morgan Stanley lifted its position in shares of TC Energy by 42.5% during the 3rd quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock valued at $234,719,000 after buying an additional 2,034,846 shares in the last quarter. Mondrian Investment Partners LTD raised its stake in TC Energy by 9.3% in the 3rd quarter. Mondrian Investment Partners LTD now owns 7,231,694 shares of the pipeline company’s stock valued at $248,843,000 after purchasing an additional 618,040 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in TC Energy by 6.5% in the 3rd quarter. Van ECK Associates Corp now owns 296,979 shares of the pipeline company’s stock valued at $10,218,000 after purchasing an additional 18,213 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 1.0 %

TRP traded down $0.37 on Wednesday, reaching $35.66. The company’s stock had a trading volume of 671,333 shares, compared to its average volume of 3,006,881. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.96 and a quick ratio of 0.88. The business’s 50 day moving average is $38.98 and its 200 day moving average is $38.06. TC Energy Co. has a 1 year low of $32.51 and a 1 year high of $42.49. The stock has a market cap of $35.66 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 3.02 and a beta of 0.75.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, February 16th. The pipeline company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.20. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $2.93 billion. TC Energy had a return on equity of 18.60% and a net margin of 18.25%. As a group, research analysts forecast that TC Energy Co. will post 2.98 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a $0.714 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.67. This represents a $2.86 annualized dividend and a yield of 8.01%. The ex-dividend date is Wednesday, March 27th. TC Energy’s dividend payout ratio (DPR) is currently 139.41%.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on TC Energy from $29.00 to $32.00 and gave the stock a “sell” rating in a research report on Friday, January 26th. Stifel Nicolaus began coverage on TC Energy in a research note on Thursday, January 18th. They issued a “buy” rating for the company. Barclays lifted their price objective on TC Energy from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, January 29th. TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a research report on Wednesday, March 20th. Finally, Jefferies Financial Group began coverage on TC Energy in a research report on Tuesday, February 27th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Hold” and a consensus price target of $48.83.

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.