Fmr LLC Grows Stock Position in TC Energy Co. (NYSE:TRP)

Fmr LLC grew its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2,821.8% during the third quarter, Holdings Channel reports. The institutional investor owned 574,427 shares of the pipeline company’s stock after purchasing an additional 554,767 shares during the quarter. Fmr LLC’s holdings in TC Energy were worth $27,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in TC Energy by 2.6% during the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock worth $322,584,000 after purchasing an additional 214,689 shares during the period. Harvest Portfolios Group Inc. lifted its stake in shares of TC Energy by 107.7% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 226,007 shares of the pipeline company’s stock valued at $10,743,000 after buying an additional 117,176 shares in the last quarter. Metis Global Partners LLC boosted its holdings in TC Energy by 16.3% in the 3rd quarter. Metis Global Partners LLC now owns 95,470 shares of the pipeline company’s stock worth $4,538,000 after buying an additional 13,368 shares during the period. Legal & General Group Plc grew its stake in TC Energy by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock valued at $450,749,000 after buying an additional 467,497 shares in the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of TC Energy in the third quarter valued at $530,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 1.8 %

Shares of NYSE TRP opened at $47.37 on Tuesday. The stock has a market capitalization of $49.17 billion, a P/E ratio of 13.12, a PEG ratio of 4.03 and a beta of 0.82. TC Energy Co. has a one year low of $31.83 and a one year high of $50.37. The firm’s 50 day simple moving average is $47.62 and its two-hundred day simple moving average is $44.02. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion. As a group, analysts expect that TC Energy Co. will post 3 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a yield of 6.94%. TC Energy’s dividend payout ratio is currently 67.31%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group upped their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Monday, October 21st. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. BMO Capital Markets upped their price objective on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 20th. Finally, StockNews.com started coverage on shares of TC Energy in a research report on Wednesday, December 4th. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.67.

TC Energy Company Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.