Jennison Associates LLC Takes $24.81 Million Position in TC Energy Co. (NYSE:TRP)

Jennison Associates LLC purchased a new position in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 521,905 shares of the pipeline company's stock, valued at approximately $24,808,000. Jennison Associates LLC owned approximately 0.05% of TC Energy as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRP. EdgeRock Capital LLC purchased a new position in TC Energy during the second quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company's stock valued at $28,000 after acquiring an additional 429 shares during the period. Fortitude Family Office LLC acquired a new position in TC Energy in the 3rd quarter valued at about $28,000. Blue Trust Inc. increased its stake in TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company's stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Mather Group LLC. acquired a new stake in shares of TC Energy during the second quarter worth about $33,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of NYSE TRP traded down $0.38 during trading on Friday, hitting $49.85. 1,919,394 shares of the company were exchanged, compared to its average volume of 1,802,909. The company has a market cap of $51.74 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 4.22 and a beta of 0.81. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.37. The firm's fifty day moving average price is $47.22 and its 200 day moving average price is $43.22.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.70 by $0.06. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. On average, sell-side analysts expect that TC Energy Co. will post 2.98 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.822 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a yield of 6.60%. This is a boost from TC Energy's previous quarterly dividend of $0.70. TC Energy's dividend payout ratio (DPR) is presently 67.31%.

Analysts Set New Price Targets

TRP has been the subject of several analyst reports. JPMorgan Chase & Co. raised TC Energy from a "neutral" rating to an "overweight" rating in a research note on Monday, October 14th. BMO Capital Markets lifted their price target on TC Energy from $66.00 to $70.00 and gave the stock a "market perform" rating in a report on Wednesday. StockNews.com began coverage on TC Energy in a research report on Monday, November 18th. They set a "hold" rating for the company. Veritas raised TC Energy to a "strong sell" rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley upgraded shares of TC Energy from an "underweight" rating to an "overweight" rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $55.67.

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.