3,500 Shares in TC Energy Co. (NYSE:TRP) Bought by Eastern Bank

Eastern Bank acquired a new stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,500 shares of the pipeline company’s stock, valued at approximately $166,000.

A number of other hedge funds have also recently modified their holdings of the business. Intech Investment Management LLC bought a new stake in TC Energy during the first quarter worth about $1,159,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of TC Energy by 15.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,109,055 shares of the pipeline company’s stock worth $81,599,000 after buying an additional 278,886 shares during the last quarter. M&G Plc bought a new position in TC Energy during the 1st quarter valued at approximately $111,587,000. Cetera Investment Advisers raised its stake in TC Energy by 74.1% during the first 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 during the last quarter. Finally, Maryland State Retirement & Pension System boosted its holdings in TC Energy by 1.8% in the first quarter. Maryland State Retirement & Pension System now owns 1,302,358 shares of the pipeline company’s stock worth $52,355,000 after acquiring an additional 22,430 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TRP. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group lifted their target price on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday. Veritas upgraded shares of TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. StockNews.com began coverage on shares of TC Energy in a report on Saturday, October 5th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $48.50.

TC Energy Stock Performance

TRP stock opened at $46.99 on Friday. The company has a market cap of $48.77 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 3.92 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. TC Energy Co. has a 1 year low of $30.61 and a 1 year high of $48.25. The stock’s fifty day moving average price is $46.08 and its 200-day moving average price is $41.40.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the previous year, the company posted $0.71 EPS. On average, equities analysts forecast that TC Energy Co. will post 3.02 earnings per share for the current year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be given a $0.702 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 5.98%. TC Energy’s payout ratio is presently 116.80%.

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.