Fullerton Fund Management Co Ltd. Takes Position in TC Energy Co. (NYSE:TRP)

Fullerton Fund Management Co Ltd. acquired a new position in TC Energy Co. (NYSE:TRP) (TSE:TRP) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 40,800 shares of the pipeline company’s stock, valued at approximately $1,900,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ewing Morris & Co. Investment Partners Ltd. acquired a new position in shares of TC Energy during the 4th quarter worth $1,627,000. Deutsche Bank AG increased its position in TC Energy by 16.3% during the fourth quarter. Deutsche Bank AG now owns 2,093,341 shares of the pipeline company’s stock worth $97,403,000 after buying an additional 293,500 shares during the last quarter. Eagle Global Advisors LLC acquired a new position in TC Energy during the fourth quarter worth $7,891,000. Cetera Investment Advisers raised its holdings in TC Energy by 4.6% during the fourth quarter. Cetera Investment Advisers now owns 103,324 shares of the pipeline company’s stock valued at $4,813,000 after buying an additional 4,522 shares in the last quarter. Finally, BROOKFIELD Corp ON lifted its position in shares of TC Energy by 31.6% in the fourth quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company’s stock worth $87,950,000 after buying an additional 454,011 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TRP. StockNews.com downgraded TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. TD Securities assumed coverage on shares of TC Energy in a research note on Wednesday, January 15th. They issued a “buy” rating for the company. CIBC upgraded shares of TC Energy from a “neutral” rating to a “sector outperform” rating in a research note on Friday, May 2nd. US Capital Advisors raised shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada raised their price target on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

TC Energy Stock Up 0.7 %

TRP stock opened at $49.35 on Friday. The business’s 50-day simple moving average is $48.12 and its 200 day simple moving average is $47.39. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. The company has a market cap of $51.31 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 4.34 and a beta of 0.78. TC Energy Co. has a twelve month low of $37.07 and a twelve month high of $51.34.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.04). The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter in the prior year, the firm posted $1.02 earnings per share. On average, research analysts anticipate that TC Energy Co. will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy’s payout ratio is 77.89%.

About TC Energy

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.