Harvest Portfolios Group Inc. Boosts Stake in TC Energy Corporation $TRP

Harvest Portfolios Group Inc. increased its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 13.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 294,618 shares of the pipeline company’s stock after buying an additional 35,349 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in TC Energy were worth $16,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC acquired a new stake in TC Energy during the 3rd quarter worth $1,391,000. Advisors Asset Management Inc. raised its holdings in shares of TC Energy by 38.8% in the third quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock valued at $4,796,000 after buying an additional 24,617 shares during the last quarter. Norges Bank acquired a new stake in shares of TC Energy during the second quarter worth about $493,434,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of TC Energy by 9.2% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company’s stock worth $74,297,000 after buying an additional 115,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of TC Energy by 2.0% during the third quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company’s stock worth $2,545,777,000 after buying an additional 914,168 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on TRP shares. Royal Bank Of Canada upped their price objective on TC Energy from $84.00 to $92.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. Canadian Imperial Bank of Commerce cut TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research report on Tuesday, February 17th. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research note on Monday, February 16th. Finally, Citigroup restated a “neutral” rating on shares of TC Energy in a research note on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, TC Energy currently has a consensus rating of “Hold” and an average price target of $72.50.

TC Energy Stock Up 2.1%

TRP stock opened at $64.38 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. The company’s 50-day moving average price is $57.89 and its 200 day moving average price is $54.48. TC Energy Corporation has a 52 week low of $43.59 and a 52 week high of $64.92. The company has a market cap of $67.03 billion, a P/E ratio of 27.70 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same period last year, the firm earned $1.05 EPS. On average, research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. TC Energy’s dividend payout ratio (DPR) is presently 106.90%.

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.