SIR Capital Management L.P. Buys Shares of 98,262 TC Energy Corporation $TRP

SIR Capital Management L.P. purchased a new position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 98,262 shares of the pipeline company’s stock, valued at approximately $6,514,000.

Several other hedge funds have also recently modified their holdings of TRP. AQR Capital Management LLC increased its stake in TC Energy by 54.0% in the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock valued at $538,000 after buying an additional 3,892 shares during the period. Focus Partners Wealth boosted its holdings in shares of TC Energy by 46.1% in the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after acquiring an additional 3,929 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of TC Energy by 200.7% during the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock worth $1,269,000 after acquiring an additional 17,939 shares during the period. EverSource Wealth Advisors LLC raised its holdings in TC Energy by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock worth $181,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its position in TC Energy by 9.9% in the second quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock valued at $818,000 after purchasing an additional 1,511 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Price Performance

TC Energy stock opened at $62.06 on Tuesday. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. The firm’s 50-day simple moving average is $66.80 and its 200 day simple moving average is $65.30. The firm has a market capitalization of $64.66 billion, a PE ratio of 25.75 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the prior year, the company earned $0.82 EPS. On average, equities research analysts predict that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s dividend payout ratio (DPR) is 102.49%.

Analysts Set New Price Targets

Several research firms have recently commented on TRP. Weiss Ratings reissued a “buy (b)” rating on shares of TC Energy in a report on Friday, July 31st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. TD Securities reaffirmed a “hold” rating on shares of TC Energy in a report on Thursday, July 16th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $99.00 price target on shares of TC Energy in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Profile

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.