Van ECK Associates Corp Buys 31,162 Shares of TC Energy Co. (NYSE:TRP)

Van ECK Associates Corp lifted its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 11.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 299,519 shares of the pipeline company’s stock after purchasing an additional 31,162 shares during the period. Van ECK Associates Corp’s holdings in TC Energy were worth $11,355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Signaturefd LLC boosted its position in TC Energy by 1.6% during the second quarter. Signaturefd LLC now owns 16,373 shares of the pipeline company’s stock valued at $621,000 after acquiring an additional 261 shares during the last quarter. New Hampshire Trust boosted its position in TC Energy by 3.8% during the first quarter. New Hampshire Trust now owns 7,263 shares of the pipeline company’s stock valued at $292,000 after acquiring an additional 269 shares during the last quarter. Wealthspire Advisors LLC boosted its position in TC Energy by 2.1% during the fourth quarter. Wealthspire Advisors LLC now owns 14,383 shares of the pipeline company’s stock valued at $562,000 after acquiring an additional 300 shares during the last quarter. Financial Advocates Investment Management boosted its position in TC Energy by 5.4% during the fourth quarter. Financial Advocates Investment Management now owns 6,121 shares of the pipeline company’s stock valued at $240,000 after acquiring an additional 316 shares during the last quarter. Finally, Windsor Advisory Group LLC boosted its position in TC Energy by 2.5% during the first quarter. Windsor Advisory Group LLC now owns 12,831 shares of the pipeline company’s stock valued at $516,000 after acquiring an additional 316 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $44.67.

TC Energy Price Performance

Shares of TC Energy stock opened at $46.34 on Monday. The firm has a market cap of $48.08 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 3.80 and a beta of 0.79. TC Energy Co. has a 12-month low of $32.51 and a 12-month high of $46.40. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The company’s fifty day simple moving average is $41.61 and its two-hundred day simple moving average is $39.66.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the company posted $0.71 EPS. As a group, equities analysts expect that TC Energy Co. will post 3.06 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a dividend of $0.702 per share. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 6.06%. TC Energy’s dividend payout ratio (DPR) is 144.85%.

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.