Tectonic Advisors LLC Acquires New Stake in TC Energy Co. (NYSE:TRP)

Tectonic Advisors LLC bought a new position in TC Energy Co. (NYSE:TRP) (TSE:TRP) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,603 shares of the pipeline company’s stock, valued at approximately $314,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Murchinson Ltd. acquired a new position in TC Energy during the first quarter worth about $506,485,000. Canada Pension Plan Investment Board boosted its position in shares of TC Energy by 107.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after purchasing an additional 10,065,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of TC Energy by 94.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after purchasing an additional 8,339,800 shares during the last quarter. Merewether Investment Management LP acquired a new position in shares of TC Energy in the 2nd quarter worth approximately $112,618,000. Finally, M&G Plc bought a new stake in shares of TC Energy in the 1st quarter worth approximately $111,587,000. 83.13% of the stock is owned by institutional investors.

TC Energy Stock Performance

Shares of TRP stock opened at $47.26 on Friday. The company has a market capitalization of $47.26 billion, a price-to-earnings ratio of 24.36, a P/E/G ratio of 3.92 and a beta of 0.81. TC Energy Co. has a 1-year low of $30.61 and a 1-year high of $48.25. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57. The stock’s fifty day simple moving average is $46.20 and its 200-day simple moving average is $41.50.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.29. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same quarter in the previous year, the business posted $0.71 EPS. On average, sell-side analysts predict that TC Energy Co. will post 3.02 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed 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. This represents a $2.81 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s payout ratio is presently 146.39%.

Analyst Ratings Changes

TRP has been the topic of several recent research reports. Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday. StockNews.com began coverage on TC Energy in a research note on Saturday, October 5th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. raised shares of 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.50.

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.