Seven Eight Capital LP Invests $1.42 Million in TC Energy Co. (NYSE:TRP)

Seven Eight Capital LP purchased a new stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 37,471 shares of the pipeline company’s stock, valued at approximately $1,420,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EdgeRock Capital LLC acquired a new stake in shares of TC Energy in the second quarter valued at about $25,000. Creekmur Asset Management LLC purchased a new position in TC Energy in the 4th quarter valued at about $27,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after buying an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in TC Energy during the 4th quarter worth approximately $31,000. Finally, Mather Group LLC. acquired a new position in shares of TC Energy during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TRP. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. StockNews.com assumed coverage on shares of TC Energy in a report on Thursday. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.50.

TC Energy Stock Performance

Shares of TC Energy stock opened at $45.01 on Friday. The business’s 50 day moving average price is $43.88 and its 200 day moving average price is $40.32. The company has a market cap of $45.01 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 3.81 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. TC Energy Co. has a one year low of $32.51 and a one year high of $47.38.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly 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 return on equity of 16.97% and a net margin of 21.31%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. On average, research analysts predict that TC Energy Co. will post 3.06 EPS for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a $0.702 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 6.24%. TC Energy’s dividend payout ratio (DPR) is 146.39%.

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.