Sumitomo Mitsui Trust Group Inc. Raises Holdings in TC Energy Co. (NYSE:TRP)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 32.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,392 shares of the pipeline company's stock after acquiring an additional 10,637 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in TC Energy were worth $2,063,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in TC Energy during the first quarter worth $1,159,000. Cetera Investment Advisers grew its holdings in TC Energy by 74.1% during the 1st quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company's stock worth $3,972,000 after acquiring an additional 42,024 shares in the last quarter. CIBC Asset Management Inc increased its holdings in TC Energy by 2.6% in the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company's stock valued at $322,584,000 after buying an additional 214,689 shares during the last quarter. Harvest Portfolios Group Inc. raised its stake in TC Energy by 107.7% in the third quarter. Harvest Portfolios Group Inc. now owns 226,007 shares of the pipeline company's stock valued at $10,743,000 after buying an additional 117,176 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in TC Energy by 4.1% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on TRP shares. JPMorgan Chase & Co. raised shares of TC Energy from a "neutral" rating to an "overweight" rating in a report on Monday, October 14th. StockNews.com began coverage on TC Energy in a research report on Monday. They set a "hold" rating on the stock. UBS Group upgraded shares of TC Energy from a "neutral" rating to a "buy" rating in a research report on Monday, September 30th. The Goldman Sachs Group lifted their price objective on shares of TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a research note on Monday, October 21st. Finally, Morgan Stanley raised TC Energy from an "underweight" rating to an "overweight" rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $48.50.

TC Energy Price Performance

Shares of TRP traded down $0.07 during trading hours on Tuesday, reaching $49.83. The company had a trading volume of 2,464,912 shares, compared to its average volume of 3,073,840. The company has a market capitalization of $51.72 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 4.12 and a beta of 0.81. TC Energy Co. has a 12-month low of $31.83 and a 12-month high of $50.22. The firm has a 50 day simple moving average of $46.93 and a 200-day simple moving average of $42.92. 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 released its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share 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 the consensus estimate of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. Research analysts expect that TC Energy Co. will post 2.98 earnings per share for the current 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 paid a dividend of $0.822 per share. This represents a $3.29 annualized dividend and a dividend yield of 6.60%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from TC Energy's previous quarterly dividend of $0.70. TC Energy's payout ratio is 67.31%.

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.