Norges Bank Takes Position in TC Energy Co. (NYSE:TRP)

Norges Bank purchased a new position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,212,017 shares of the pipeline company's stock, valued at approximately $428,759,000. Norges Bank owned about 0.89% of TC Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRP. Mufg Securities Canada LTD. raised its holdings in shares of TC Energy by 571.7% during the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock valued at $288,043,000 after acquiring an additional 5,264,079 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in TC Energy by 51.4% in the 4th quarter. Kayne Anderson Capital Advisors LP now owns 4,842,255 shares of the pipeline company's stock valued at $225,310,000 after purchasing an additional 1,644,115 shares during the last quarter. Raymond James Financial Inc. purchased a new position in TC Energy in the 4th quarter valued at $75,464,000. Zurich Insurance Group Ltd FI purchased a new position in TC Energy in the 3rd quarter valued at $73,162,000. Finally, Merewether Investment Management LP grew its holdings in shares of TC Energy by 37.9% during the third quarter. Merewether Investment Management LP now owns 4,097,600 shares of the pipeline company's stock worth $194,776,000 after buying an additional 1,127,000 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

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TC Energy Trading Up 1.5 %

TRP stock traded up $0.73 during midday trading on Wednesday, hitting $48.53. 442,354 shares of the company's stock were exchanged, compared to its average volume of 2,626,503. TC Energy Co. has a 1-year low of $34.95 and a 1-year high of $50.37. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $50.44 billion, a PE ratio of 14.98, a P/E/G ratio of 4.34 and a beta of 0.83. The business has a 50-day simple moving average of $46.54 and a two-hundred day simple moving average of $46.97.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same period last year, the company earned $1.35 EPS. On average, sell-side analysts predict that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.01%. This is an increase from TC Energy's previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, March 31st. TC Energy's payout ratio is 72.53%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TRP shares. 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. US Capital Advisors upgraded TC Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, February 3rd. StockNews.com lowered TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Veritas raised TC Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada raised 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.