Clearbridge Investments LLC Acquires 2,338 Shares of TC Energy Co. (NYSE:TRP)

Clearbridge Investments LLC grew its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 0.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,881,293 shares of the pipeline company’s stock after purchasing an additional 2,338 shares during the period. Clearbridge Investments LLC’s holdings in TC Energy were worth $73,540,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of TRP. Canoe Financial LP grew its position in TC Energy by 781.8% in the 4th quarter. Canoe Financial LP now owns 704,176 shares of the pipeline company’s stock worth $27,526,000 after purchasing an additional 624,316 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of TC Energy by 29,994.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock worth $12,094,000 after acquiring an additional 308,348 shares during the period. Addenda Capital Inc. increased its position in TC Energy by 2.5% during the fourth quarter. Addenda Capital Inc. now owns 1,089,146 shares of the pipeline company’s stock valued at $42,575,000 after acquiring an additional 26,711 shares during the last quarter. Morgan Stanley lifted its holdings in TC Energy by 42.5% in the third quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock valued at $234,719,000 after acquiring an additional 2,034,846 shares during the period. Finally, Kayne Anderson Capital Advisors LP boosted its position in TC Energy by 7.9% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 1,690,521 shares of the pipeline company’s stock worth $66,082,000 after purchasing an additional 124,100 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

TRP has been the topic of several recent research reports. Jefferies Financial Group began coverage on shares of TC Energy in a research note on Tuesday, February 27th. They issued a “hold” rating on the stock. TheStreet raised shares of TC Energy from a “c+” rating to a “b-” rating in a research report on Wednesday, March 20th. Barclays upped their price objective on TC Energy from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, January 29th. Finally, The Goldman Sachs Group lifted their target price on TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $48.83.

TC Energy Price Performance

NYSE:TRP opened at $38.89 on Wednesday. The business’s 50-day simple moving average is $38.16 and its two-hundred day simple moving average is $38.47. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $41.85. The stock has a market cap of $38.89 billion, a PE ratio of 20.19, a P/E/G ratio of 3.28 and a beta of 0.75. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.64.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 7.30%. The ex-dividend date is Friday, June 28th. TC Energy’s dividend payout ratio (DPR) is presently 145.88%.

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.