Norges Bank Invests $583.73 Million in TC Energy Corporation $TRP

Norges Bank bought a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,600,494 shares of the pipeline company’s stock, valued at approximately $583,732,000. Norges Bank owned 1.02% of TC Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of TC Energy in the 4th quarter worth about $25,000. Trust Co. of Vermont purchased a new stake in shares of TC Energy in the 4th quarter worth about $28,000. Westside Investment Management Inc. grew its position in shares of TC Energy by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after buying an additional 297 shares during the period. McIlrath & Eck LLC purchased a new stake in shares of TC Energy in the 4th quarter worth about $32,000. Finally, SWAN Capital LLC purchased a new stake in TC Energy during the 3rd quarter valued at about $40,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of NYSE TRP opened at $66.67 on Monday. The firm’s 50-day moving average price is $64.71 and its 200-day moving average price is $60.09. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The company has a market cap of $66.67 billion, a PE ratio of 28.94 and a beta of 0.66. 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 announced 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 firm 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 last year, the firm posted $0.95 EPS. As a group, analysts anticipate that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a research report on Tuesday, May 26th. Wall Street Zen raised shares of TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $78.50.

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.