Norges Bank Invests $583.73 Million in TC Energy Corporation $TRP

Norges Bank acquired a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,600,494 shares of the pipeline company’s stock, valued at approximately $583,732,000.

Other institutional investors have also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of TC Energy in the 4th quarter worth approximately $25,000. Trust Co. of Vermont bought a new position in shares of TC Energy in the 4th quarter worth approximately $28,000. Westside Investment Management Inc. lifted its stake in shares of TC Energy by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares during the period. McIlrath & Eck LLC bought a new position in shares of TC Energy in the 4th quarter worth approximately $32,000. Finally, SWAN Capital LLC bought a new position in shares of TC Energy in the 3rd quarter worth approximately $40,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

NYSE TRP opened at $66.67 on Monday. TC Energy Corporation has a 12 month low of $46.29 and a 12 month high of $71.47. The stock has a market cap of $66.67 billion, a price-to-earnings ratio of 28.94 and a beta of 0.66. The company’s 50 day moving average is $64.71 and its two-hundred day moving average is $60.09. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the firm posted $0.95 EPS. As a group, research analysts anticipate that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s dividend payout ratio (DPR) is 109.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. TD Securities restated a “hold” rating on shares of TC Energy in a research note on Monday, May 4th. Royal Bank Of Canada raised their target price on shares of TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and raised their target price for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. National Bank Financial upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. Finally, Weiss Ratings cut shares of TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.