Maryland State Retirement & Pension System Has $66.64 Million Stake in TC Energy Corporation $TRP

Maryland State Retirement & Pension System lessened its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,364,049 shares of the pipeline company’s stock after selling 56,266 shares during the period. TC Energy comprises about 1.5% of Maryland State Retirement & Pension System’s holdings, making the stock its 9th biggest position. Maryland State Retirement & Pension System’s holdings in TC Energy were worth $66,644,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. DAVENPORT & Co LLC lifted its stake in shares of TC Energy by 3.3% in the second quarter. DAVENPORT & Co LLC now owns 76,915 shares of the pipeline company’s stock valued at $3,748,000 after buying an additional 2,437 shares during the period. Hilltop National Bank bought a new stake in shares of TC Energy in the second quarter valued at about $32,000. ASR Vermogensbeheer N.V. lifted its stake in shares of TC Energy by 8.4% in the second quarter. ASR Vermogensbeheer N.V. now owns 61,839 shares of the pipeline company’s stock valued at $3,013,000 after buying an additional 4,815 shares during the period. Gold Investment Management Ltd. lifted its stake in shares of TC Energy by 2.5% in the second quarter. Gold Investment Management Ltd. now owns 9,656 shares of the pipeline company’s stock valued at $471,000 after buying an additional 232 shares during the period. Finally, Raleigh Capital Management Inc. lifted its stake in TC Energy by 3.0% during the second quarter. Raleigh Capital Management Inc. now owns 27,046 shares of the pipeline company’s stock worth $1,320,000 after purchasing an additional 783 shares during the period. Institutional investors own 83.13% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on TRP shares. Weiss Ratings restated a “buy (b-)” rating on shares of TC Energy in a research note on Wednesday. Wall Street Zen cut shares of TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

TC Energy Price Performance

TRP opened at $54.24 on Thursday. The company has a fifty day moving average price of $51.82 and a two-hundred day moving average price of $49.73. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52 week low of $43.51 and a 52 week high of $55.37. The firm has a market capitalization of $56.42 billion, a PE ratio of 18.51, a P/E/G ratio of 5.12 and a beta of 0.75.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same period last year, the firm posted $0.79 earnings per share. As a group, analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a dividend of $0.6148 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy’s payout ratio is 84.30%.

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.