The Manufacturers Life Insurance Company Reduces Position in TC Energy Co. (NYSE:TRP)

The Manufacturers Life Insurance Company lessened its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,666,652 shares of the pipeline company’s stock after selling 10,138 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.26% of TC Energy worth $126,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of TRP. SG Americas Securities LLC purchased a new position in shares of TC Energy during the 1st quarter worth $104,000. Silvercrest Asset Management Group LLC lifted its stake in shares of TC Energy by 5.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 30,000 shares of the pipeline company’s stock valued at $1,206,000 after buying an additional 1,637 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of TC Energy by 38.2% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,253 shares of the pipeline company’s stock valued at $292,000 after buying an additional 2,003 shares in the last quarter. Atria Investments Inc lifted its stake in shares of TC Energy by 2.2% during the 1st quarter. Atria Investments Inc now owns 50,575 shares of the pipeline company’s stock valued at $2,033,000 after buying an additional 1,101 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of TC Energy by 74.1% during the 1st quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company’s stock valued at $3,972,000 after buying an additional 42,024 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of NYSE TRP opened at $48.74 on Wednesday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31. The company has a market cap of $50.59 billion, a P/E ratio of 13.50, a P/E/G ratio of 4.12 and a beta of 0.81. The firm’s fifty day moving average is $47.32 and its two-hundred day moving average is $43.41. TC Energy Co. has a 52-week low of $31.83 and a 52-week high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. As a group, analysts anticipate that TC Energy Co. will post 2.98 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.822 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.75%. TC Energy’s payout ratio is 78.95%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TRP shares. StockNews.com started coverage on shares of TC Energy in a research note on Tuesday. They set a “hold” rating on the stock. Morgan Stanley upgraded shares of TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. The Goldman Sachs Group lifted their target price on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Monday, October 21st. BMO Capital Markets lifted their target price on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Finally, Veritas upgraded shares of TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.67.

About TC Energy

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.