Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in TC Energy Co. (NYSE:TRP)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 8.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 276,295 shares of the pipeline company’s stock after acquiring an additional 22,091 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in TC Energy were worth $10,846,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in TC Energy by 29,994.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock worth $12,094,000 after buying an additional 308,348 shares during the last quarter. Addenda Capital Inc. lifted its position in shares of TC Energy by 2.5% during the fourth quarter. Addenda Capital Inc. now owns 1,089,146 shares of the pipeline company’s stock worth $42,575,000 after purchasing an additional 26,711 shares during the last quarter. Morgan Stanley lifted its position in shares of TC Energy by 42.5% during the third quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock worth $234,719,000 after purchasing an additional 2,034,846 shares during the last quarter. Mondrian Investment Partners LTD lifted its position in shares of TC Energy by 9.3% during the third quarter. Mondrian Investment Partners LTD now owns 7,231,694 shares of the pipeline company’s stock worth $248,843,000 after purchasing an additional 618,040 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of TC Energy by 6.5% during the third quarter. Van ECK Associates Corp now owns 296,979 shares of the pipeline company’s stock worth $10,218,000 after purchasing an additional 18,213 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the subject of several recent research reports. Stifel Nicolaus started coverage on TC Energy in a report on Thursday, January 18th. They issued a “buy” rating for the company. The Goldman Sachs Group lifted their target price on TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a research note on Friday, January 26th. Barclays lifted their target price on TC Energy from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, January 29th. Jefferies Financial Group started coverage on TC Energy in a research note on Tuesday, February 27th. They issued a “hold” rating on the stock. Finally, TheStreet upgraded TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, TC Energy has a consensus rating of “Hold” and a consensus target price of $48.83.

TC Energy Price Performance

Shares of NYSE TRP opened at $35.68 on Friday. The business’s 50 day moving average price is $39.06 and its 200 day moving average price is $37.95. The firm has a market cap of $35.68 billion, a P/E ratio of 17.58, a P/E/G ratio of 2.96 and a beta of 0.75. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $42.49. The company has a quick ratio of 0.88, a current ratio of 0.96 and a debt-to-equity ratio of 1.65.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, February 16th. The pipeline company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.93 billion. TC Energy had a return on equity of 18.60% and a net margin of 18.25%. On average, sell-side analysts expect that TC Energy Co. will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be issued a $0.714 dividend. The ex-dividend date is Wednesday, March 27th. This is an increase from TC Energy’s previous quarterly dividend of $0.67. This represents a $2.86 dividend on an annualized basis and a yield of 8.00%. TC Energy’s payout ratio is presently 139.41%.

TC Energy 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.