Sumitomo Mitsui Trust Holdings Inc. Acquires 18,363 Shares of TC Energy Co. (NYSE:TRP)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 0.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,444,328 shares of the pipeline company’s stock after purchasing an additional 18,363 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of TC Energy worth $98,300,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of TC Energy during the first quarter valued at approximately $125,000. First Bank & Trust grew its holdings in shares of TC Energy by 2.1% during the first quarter. First Bank & Trust now owns 58,835 shares of the pipeline company’s stock valued at $2,365,000 after buying an additional 1,198 shares during the last quarter. Galibier Capital Management Ltd. purchased a new stake in shares of TC Energy during the first quarter valued at approximately $73,000. Ausbil Investment Management Ltd grew its holdings in shares of TC Energy by 2.1% during the first quarter. Ausbil Investment Management Ltd now owns 188,275 shares of the pipeline company’s stock valued at $7,581,000 after buying an additional 3,917 shares during the last quarter. Finally, Viking Fund Management LLC grew its holdings in shares of TC Energy by 4.4% during the first quarter. Viking Fund Management LLC now owns 151,400 shares of the pipeline company’s stock valued at $6,086,000 after buying an additional 6,400 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Up 1.1 %

Shares of TRP stock opened at $38.17 on Thursday. TC Energy Co. has a 12-month low of $32.51 and a 12-month high of $41.03. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.64. The firm’s 50 day moving average is $38.17 and its 200 day moving average is $38.75. The stock has a market capitalization of $38.17 billion, a P/E ratio of 19.68, a P/E/G ratio of 3.13 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.15 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Research analysts expect that TC Energy Co. will post 3.01 earnings per share for the current year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 annualized dividend and a yield of 7.44%. TC Energy’s payout ratio is presently 143.81%.

Wall Street Analysts Forecast Growth

Separately, TheStreet upgraded shares of TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, TC Energy presently has an average rating of “Hold” and an average price target of $48.83.

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.