Cidel Asset Management Inc. lifted its stake in Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 21.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,715,795 shares of the pipeline company’s stock after purchasing an additional 307,395 shares during the quarter. Tc Pipelines accounts for 3.8% of Cidel Asset Management Inc.’s portfolio, making the stock its 6th largest position. Cidel Asset Management Inc.’s holdings in Tc Pipelines were worth $91,509,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisory Services Network LLC raised its position in Tc Pipelines by 11.5% during the fourth quarter. Advisory Services Network LLC now owns 5,144 shares of the pipeline company’s stock valued at $274,000 after acquiring an additional 530 shares in the last quarter. AE Wealth Management LLC raised its position in Tc Pipelines by 28.1% during the fourth quarter. AE Wealth Management LLC now owns 10,280 shares of the pipeline company’s stock valued at $548,000 after acquiring an additional 2,254 shares in the last quarter. Nexus Investment Management Inc. raised its position in Tc Pipelines by 7.6% during the fourth quarter. Nexus Investment Management Inc. now owns 437,101 shares of the pipeline company’s stock valued at $23,313,000 after acquiring an additional 30,800 shares in the last quarter. JCIC Asset Management Inc. bought a new position in Tc Pipelines during the fourth quarter valued at approximately $17,926,000. Finally, Millennium Management LLC raised its position in Tc Pipelines by 102.6% during the third quarter. Millennium Management LLC now owns 396,442 shares of the pipeline company’s stock valued at $20,531,000 after acquiring an additional 200,724 shares in the last quarter. 62.66% of the stock is owned by institutional investors and hedge funds.
TRP has been the topic of several recent research reports. Tudor Pickering raised shares of Tc Pipelines from a “hold” rating to a “buy” rating in a research report on Monday, March 16th. JPMorgan Chase & Co. lifted their price target on shares of Tc Pipelines from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Industrial Alliance Securities raised shares of Tc Pipelines to a “buy” rating and set a $65.00 price target on the stock in a research report on Friday, March 20th. Evercore ISI started coverage on shares of Tc Pipelines in a research note on Friday, February 14th. They issued a “hold” rating and a $60.00 price objective on the stock. Finally, Barclays started coverage on shares of Tc Pipelines in a research note on Thursday, March 5th. They issued an “overweight” rating and a $80.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $66.67.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, February 13th. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.25. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $3.71 billion. Tc Pipelines had a net margin of 30.61% and a return on equity of 13.97%. During the same quarter last year, the company posted $1.03 earnings per share. On average, sell-side analysts expect that Tc Pipelines Lp will post 3.1 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a $0.612 dividend. This is an increase from Tc Pipelines’s previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 30th. This represents a $2.45 annualized dividend and a dividend yield of 5.73%. Tc Pipelines’s dividend payout ratio (DPR) is presently 74.04%.
Tc Pipelines Company Profile
TC Energy Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy segments. The company transports natural gas to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, and other businesses.
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