M&G Plc Makes New $111.59 Million Investment in TC Energy Co. (NYSE:TRP)

M&G Plc purchased a new position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,789,668 shares of the pipeline company’s stock, valued at approximately $111,587,000. M&G Plc owned approximately 0.28% of TC Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new position in shares of TC Energy during the fourth quarter worth approximately $25,000. Bruce G. Allen Investments LLC bought a new position in shares of TC Energy in the fourth quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new position in shares of TC Energy in the fourth quarter worth approximately $27,000. Glassman Wealth Services grew its holdings in shares of TC Energy by 61.0% in the fourth quarter. Glassman Wealth Services now owns 726 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 275 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A bought a new position in shares of TC Energy in the fourth quarter worth approximately $31,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $48.83.

TC Energy Trading Up 1.9 %

NYSE:TRP traded up $0.77 during trading hours on Friday, hitting $41.09. The company had a trading volume of 2,996,724 shares, compared to its average volume of 3,375,361. The company has a market capitalization of $41.09 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 3.33 and a beta of 0.79. The stock has a 50-day moving average price of $38.71 and a 200 day moving average price of $38.70. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $41.15. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.94 and a quick ratio of 0.85.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, May 3rd. The pipeline company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The firm had revenue of $3.15 billion for the quarter, compared to analysts’ expectations of $3.12 billion. On average, equities research analysts predict that TC Energy Co. will post 3.03 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date of this dividend is Friday, June 28th. TC Energy’s dividend payout ratio (DPR) is presently 144.33%.

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.