Massachusetts Financial Services Co. MA Acquires New Stake in TC Energy Co. (NYSE:TRP)

Massachusetts Financial Services Co. MA acquired a new stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 104,041 shares of the pipeline company's stock, valued at approximately $4,841,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new position in TC Energy in the 4th quarter valued at about $31,000. Versant Capital Management Inc acquired a new position in shares of TC Energy in the fourth quarter valued at approximately $33,000. Synergy Investment Management LLC purchased a new stake in shares of TC Energy during the fourth quarter worth approximately $36,000. Point72 DIFC Ltd purchased a new stake in shares of TC Energy during the third quarter worth approximately $39,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of TC Energy during the fourth quarter worth $41,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of TRP traded up $2.01 on Friday, reaching $47.42. The stock had a trading volume of 2,834,721 shares, compared to its average volume of 2,661,920. The firm has a 50-day moving average of $46.60 and a 200 day moving average of $46.95. The firm has a market capitalization of $49.28 billion, a PE ratio of 14.64, a PEG ratio of 4.34 and a beta of 0.74. TC Energy Co. has a twelve month low of $34.95 and a twelve month high of $50.37. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56.

Remove Ads

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.54. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.42 billion. During the same quarter last year, the business posted $1.35 earnings per share. Sell-side analysts expect that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 7.17%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from TC Energy's previous quarterly dividend of $0.82. TC Energy's dividend payout ratio is 72.53%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TRP. TD Securities began coverage on shares of TC Energy in a research note on Wednesday, January 15th. They issued a "buy" rating on the stock. Citigroup assumed coverage on shares of TC Energy in a report on Friday, April 4th. They set a "neutral" rating for the company. StockNews.com downgraded shares of TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Royal Bank of Canada increased their target price on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. Finally, US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

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.