250,528 Shares in TC Energy Corporation $TRP Acquired by Midwest Trust Co

Midwest Trust Co bought a new position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 250,528 shares of the pipeline company’s stock, valued at approximately $12,223,000.

Several other institutional investors have also modified their holdings of TRP. Hilltop National Bank purchased a new stake in shares of TC Energy during the second quarter worth $32,000. Harbor Asset Planning Inc. acquired a new position in TC Energy during the 2nd quarter worth $43,000. TruNorth Capital Management LLC purchased a new stake in TC Energy during the 1st quarter worth about $45,000. Truvestments Capital LLC purchased a new stake in TC Energy during the 1st quarter worth about $45,000. Finally, SouthState Corp raised its position in TC Energy by 2,757.1% in the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after purchasing an additional 965 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Up 3.4%

Shares of NYSE:TRP opened at $52.18 on Monday. The firm has a 50 day simple moving average of $52.17 and a 200-day simple moving average of $50.32. TC Energy Corporation has a twelve month low of $43.51 and a twelve month high of $55.37. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $54.29 billion, a PE ratio of 17.81, a P/E/G ratio of 4.82 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period last year, the business earned $1.03 EPS. On average, equities analysts predict that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 annualized dividend and a dividend yield of 6.5%. TC Energy’s dividend payout ratio is currently 103.88%.

Analyst Ratings Changes

A number of brokerages have recently commented on TRP. Barclays reissued an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. US Capital Advisors downgraded shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. BMO Capital Markets raised shares of TC Energy from a “market perform” rating to an “outperform” rating in a research report on Friday. TD Securities restated a “buy” rating on shares of TC Energy in a report on Friday, October 17th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

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.