TC Energy Corporation $TRP Shares Acquired by Legal & General Group Plc

Legal & General Group Plc lifted its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,645,179 shares of the pipeline company’s stock after acquiring an additional 446,294 shares during the quarter. Legal & General Group Plc’s holdings in TC Energy were worth $469,954,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TRP. Hilltop National Bank acquired a new position in TC Energy during the second quarter worth $32,000. Harbor Asset Planning Inc. purchased a new stake in shares of TC Energy in the 2nd quarter valued at $43,000. Truvestments Capital LLC acquired a new position in TC Energy during the 1st quarter worth about $45,000. SouthState Corp boosted its holdings in TC Energy by 2,757.1% during the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after acquiring an additional 965 shares during the period. Finally, SVB Wealth LLC acquired a new position in TC Energy in the 1st quarter valued at about $72,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Performance

NYSE TRP opened at $53.92 on Friday. The company has a fifty day moving average of $52.64 and a two-hundred day moving average of $50.60. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. TC Energy Corporation has a 1 year low of $43.51 and a 1 year high of $55.37. The company has a market capitalization of $56.10 billion, a PE ratio of 18.40, a P/E/G ratio of 4.82 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the business posted $1.03 EPS. As a group, analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be given a $0.85 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, December 31st. This represents a $3.40 annualized dividend and a yield of 6.3%. TC Energy’s payout ratio is currently 103.88%.

Wall Street Analyst Weigh In

TRP has been the subject of several recent research reports. Cibc World Mkts lowered shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TC Energy in a research report on Wednesday. Citigroup reiterated a “neutral” rating on shares of TC Energy in a report on Thursday. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Finally, Royal Bank Of Canada lifted their price objective on TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $84.00.

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.