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

Norges Bank purchased a new position in TC Energy Co. (NYSE:TRP) (TSE:TRP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,212,017 shares of the pipeline company’s stock, valued at approximately $428,759,000. Norges Bank owned 0.89% of TC Energy as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TRP. Thrivent Financial for Lutherans purchased a new stake in shares of TC Energy in the 3rd quarter worth about $236,000. Citigroup Inc. lifted its holdings in TC Energy by 73.9% in the third quarter. Citigroup Inc. now owns 166,822 shares of the pipeline company’s stock worth $7,939,000 after buying an additional 70,905 shares during the period. Cerity Partners LLC lifted its holdings in TC Energy by 72.9% in the third quarter. Cerity Partners LLC now owns 20,538 shares of the pipeline company’s stock worth $977,000 after buying an additional 8,660 shares during the period. FMR LLC boosted its position in TC Energy by 2,821.8% during the 3rd quarter. FMR LLC now owns 574,427 shares of the pipeline company’s stock valued at $27,311,000 after acquiring an additional 554,767 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new position in shares of TC Energy during the 3rd quarter worth approximately $2,634,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Down 0.5 %

Shares of NYSE TRP opened at $48.02 on Friday. The company has a market cap of $49.90 billion, a PE ratio of 14.82, a P/E/G ratio of 4.34 and a beta of 0.83. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. The firm’s 50 day moving average price is $46.54 and its 200-day moving average price is $46.93. TC Energy Co. has a 52-week low of $34.95 and a 52-week high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.54. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same period in the prior year, the firm posted $1.35 EPS. On average, equities research analysts expect that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a $0.85 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.82. The ex-dividend date is Monday, March 31st. This represents a $3.40 dividend on an annualized basis and a yield of 7.08%. TC Energy’s payout ratio is 72.53%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRP. Veritas upgraded TC Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. StockNews.com cut shares of TC Energy from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. TD Securities initiated coverage on shares of TC Energy in a research note on Wednesday, January 15th. They set a “buy” rating on the stock. Finally, Royal Bank of Canada raised their target price on shares of TC Energy from $71.00 to $74.00 and gave the company 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 issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

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.