Merewether Investment Management LP Has $194.78 Million Stock Position in TC Energy Co. (NYSE:TRP)

Merewether Investment Management LP lifted its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 37.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,097,600 shares of the pipeline company's stock after purchasing an additional 1,127,000 shares during the period. TC Energy accounts for approximately 9.0% of Merewether Investment Management LP's investment portfolio, making the stock its biggest holding. Merewether Investment Management LP owned approximately 0.39% of TC Energy worth $194,776,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in TRP. Canada Pension Plan Investment Board grew its position in TC Energy by 107.1% during the second 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. Legal & General Group Plc grew its position in TC Energy by 4.1% during the second quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company's stock worth $450,749,000 after buying an additional 467,497 shares in the last quarter. CIBC Asset Management Inc grew its position in TC Energy by 2.6% during the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company's stock worth $322,584,000 after buying an additional 214,689 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in TC Energy by 156.1% during 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 buying an additional 4,126,801 shares in the last quarter. Finally, Thornburg Investment Management Inc. grew its position in TC Energy by 42.0% during the second quarter. Thornburg Investment Management Inc. now owns 3,590,617 shares of the pipeline company's stock worth $136,148,000 after buying an additional 1,062,805 shares in the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Trading Up 0.7 %

Shares of TRP stock traded up $0.36 during mid-day trading on Wednesday, hitting $49.02. The company's stock had a trading volume of 2,719,963 shares, compared to its average volume of 3,035,312. The company's fifty day simple moving average is $47.55 and its 200-day simple moving average is $43.75. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.37. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31. The company has a market cap of $50.88 billion, a PE ratio of 13.48, a P/E/G ratio of 4.05 and a beta of 0.82.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. As a group, equities research analysts expect that TC Energy Co. will post 3 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This is a positive change from TC Energy's previous quarterly dividend of $0.70. This represents a $3.29 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date is Tuesday, December 31st. TC Energy's payout ratio is currently 78.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TRP shares. StockNews.com started coverage on TC Energy in a report on Wednesday. They issued a "hold" rating on the stock. The Goldman Sachs Group raised their price objective on TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a report on Monday, October 21st. UBS Group raised TC Energy from a "neutral" rating to a "buy" rating in a report on Monday, September 30th. BMO Capital Markets raised their target price on TC Energy from $66.00 to $70.00 and gave the stock a "market perform" rating in a research report on Wednesday, November 20th. Finally, Veritas raised TC Energy to a "strong sell" rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, TC Energy has a consensus rating of "Hold" and a consensus target price of $55.67.

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.