TC Energy Co. (NYSE:TRP) Shares Purchased by Hennessy Advisors Inc.

Hennessy Advisors Inc. lifted its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 576,700 shares of the pipeline company's stock after purchasing an additional 19,300 shares during the period. Hennessy Advisors Inc. owned about 0.06% of TC Energy worth $26,834,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board lifted its holdings in TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company's stock worth $737,609,000 after buying an additional 10,065,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of TC Energy by 156.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company's stock worth $321,778,000 after acquiring an additional 4,126,801 shares in the last quarter. Merewether Investment Management LP acquired a new position in shares of TC Energy in the second quarter worth about $112,618,000. Marshall Wace LLP boosted its holdings in TC Energy by 841.1% in the second quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company's stock valued at $77,349,000 after purchasing an additional 1,824,008 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in TC Energy during the 3rd quarter valued at approximately $73,162,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on TRP. The Goldman Sachs Group increased their target price on TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a research note on Monday, October 21st. Morgan Stanley upgraded shares of TC Energy from an "underweight" rating to an "overweight" rating in a research note on Friday, October 25th. StockNews.com started coverage on shares of TC Energy in a research report on Wednesday, December 4th. They issued a "hold" rating for the company. Veritas upgraded TC Energy to a "strong sell" rating in a research note on Tuesday, October 8th. Finally, BMO Capital Markets boosted their price objective on TC Energy from $66.00 to $70.00 and gave the company a "market perform" rating in a report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $55.67.

TC Energy Stock Performance

NYSE TRP traded up $1.22 during trading hours on Friday, reaching $47.39. The company's stock had a trading volume of 3,422,631 shares, compared to its average volume of 1,534,485. The stock has a market cap of $49.23 billion, a PE ratio of 13.13, a PEG ratio of 4.31 and a beta of 0.82. The business has a 50-day simple moving average of $47.59 and a 200 day simple moving average of $45.56. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.06. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. Equities research analysts predict that TC Energy Co. will post 2.95 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.29 annualized dividend and a dividend yield of 6.94%. This is a positive change from TC Energy's previous quarterly dividend of $0.70. TC Energy's dividend payout ratio is currently 63.43%.

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.