Geode Capital Management LLC Purchases 644,186 Shares of TC Energy Corporation $TRP

Geode Capital Management LLC grew its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 6.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,026,008 shares of the pipeline company’s stock after purchasing an additional 644,186 shares during the quarter. Geode Capital Management LLC’s holdings in TC Energy were worth $560,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of TC Energy in the fourth quarter worth $25,000. Trust Co. of Vermont purchased a new position in shares of TC Energy in the fourth quarter worth $28,000. McIlrath & Eck LLC purchased a new position in shares of TC Energy in the fourth quarter worth $32,000. Westside Investment Management Inc. lifted its holdings in shares of TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after buying an additional 297 shares in the last quarter. Finally, SWAN Capital LLC purchased a new position in shares of TC Energy in the third quarter worth $40,000. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TRP has been the topic of several research analyst reports. Wall Street Zen raised shares of TC Energy from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Raymond James Financial raised shares of TC Energy to a “hold” rating in a report on Tuesday, February 17th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a report on Tuesday. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Finally, Citigroup reissued a “neutral” rating on shares of TC Energy in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

TC Energy Price Performance

TC Energy stock opened at $66.67 on Friday. The company has a market cap of $66.67 billion, a price-to-earnings ratio of 28.94 and a beta of 0.67. The firm’s fifty day moving average is $64.71 and its 200 day moving average is $60.05. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. TC Energy Corporation has a 52-week low of $46.29 and a 52-week high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Sell-side analysts forecast that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a yield of 5.3%. TC Energy’s dividend payout ratio is presently 109.57%.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.