Royal Fund Management LLC Boosts Holdings in TC Energy Co. (NYSE:TRP)

Royal Fund Management LLC raised its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,692 shares of the pipeline company’s stock after purchasing an additional 1,109 shares during the period. Royal Fund Management LLC’s holdings in TC Energy were worth $792,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRP. Capital Research Global Investors lifted its holdings in TC Energy by 23.7% during the fourth quarter. Capital Research Global Investors now owns 55,677,989 shares of the pipeline company’s stock valued at $2,174,931,000 after purchasing an additional 10,654,993 shares in the last quarter. Norges Bank purchased a new position in shares of TC Energy in the fourth quarter worth about $341,262,000. Mufg Securities Canada LTD. purchased a new position in shares of TC Energy in the fourth quarter worth about $235,580,000. Capital International Investors lifted its stake in shares of TC Energy by 11.8% in the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after buying an additional 5,822,056 shares in the last quarter. Finally, FIL Ltd lifted its stake in shares of TC Energy by 37.2% in the fourth quarter. FIL Ltd now owns 16,706,812 shares of the pipeline company’s stock worth $652,613,000 after buying an additional 4,528,555 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on TRP shares. Jefferies Financial Group started coverage on shares of TC Energy in a research note on Tuesday, February 27th. They set a “hold” rating on the stock. TheStreet upgraded shares of TC Energy from a “c+” rating to a “b-” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, TC Energy currently has a consensus rating of “Hold” and a consensus target price of $48.83.

TC Energy Stock Up 1.6 %

Shares of NYSE:TRP traded up $0.60 during trading on Monday, hitting $39.09. 151,575 shares of the company were exchanged, compared to its average volume of 2,944,292. The stock has a market capitalization of $39.09 billion, a P/E ratio of 19.86, a PEG ratio of 3.18 and a beta of 0.79. 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 Co. has a 12-month low of $32.51 and a 12-month high of $41.03. The firm’s 50 day moving average price is $37.78 and its 200-day moving average price is $38.75.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.12 billion. On average, research analysts predict that TC Energy Co. will post 3 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.84 annualized dividend and a yield of 7.27%. TC Energy’s dividend payout ratio (DPR) is 145.88%.

TC Energy Company 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.