The Manufacturers Life Insurance Company Buys 452,308 Shares of TC Energy Corporation $TRP

The Manufacturers Life Insurance Company raised its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 9.0% during the 2nd quarter, Holdings Channel reports. The fund owned 5,491,844 shares of the pipeline company’s stock after acquiring an additional 452,308 shares during the period. The Manufacturers Life Insurance Company’s holdings in TC Energy were worth $362,982,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of TRP. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of TC Energy during the fourth quarter worth approximately $25,000. Sterling Capital Management LLC bought a new position in shares of TC Energy during the first quarter worth approximately $26,000. Trust Co. of Vermont acquired a new stake in TC Energy during the 2nd quarter worth approximately $33,000. SWAN Capital LLC acquired a new stake in TC Energy during the 3rd quarter worth approximately $40,000. Finally, Glen Eagle Advisors LLC bought a new stake in TC Energy in the 4th quarter valued at $44,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TRP has been the topic of a number of research reports. Jefferies Financial Group raised TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 1st. Barclays reissued an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. BMO Capital Markets reaffirmed an “outperform” rating and set a $99.00 price target on shares of TC Energy in a research report on Friday, July 31st. Royal Bank Of Canada lifted their price objective on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Trading Down 2.5%

Shares of TRP stock opened at $61.88 on Friday. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47. The stock’s fifty day moving average price is $65.36 and its two-hundred day moving average price is $65.42. 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 company has a market cap of $61.88 billion, a PE ratio of 25.68 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same period in the prior year, the company earned $0.82 EPS. Equities analysts predict that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Announces Dividend

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

TC Energy Profile

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.