Legal & General Group Plc Makes New Investment in TC Energy Corporation $TRP

Legal & General Group Plc bought a new stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the second quarter, Holdings Channel reports. The fund bought 7,849,214 shares of the pipeline company’s stock, valued at approximately $519,612,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sterling Capital Management LLC acquired a new stake in shares of TC Energy in the first quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in TC Energy in the 4th quarter valued at $25,000. Trust Co. of Vermont acquired a new position in TC Energy in the 2nd quarter valued at $33,000. McIlrath & Eck LLC purchased a new position in TC Energy in the 4th quarter valued at $32,000. Finally, SWAN Capital LLC purchased a new position in TC Energy in the 3rd quarter valued at $40,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TRP shares. Royal Bank Of Canada upped their target price on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. TD Securities restated a “hold” rating on shares of TC Energy in a research report on Thursday, July 16th. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. Finally, Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Trading Up 0.1%

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

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results 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 return on equity of 11.10% and a net margin of 22.91%.The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. As a group, research analysts predict that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given 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 presently 102.49%.

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.