CIBC Asset Management Inc Buys 551,980 Shares of TC Energy Co. (NYSE:TRP)

CIBC Asset Management Inc raised its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 8.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,123,344 shares of the pipeline company’s stock after acquiring an additional 551,980 shares during the quarter. TC Energy makes up approximately 1.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 23rd largest position. CIBC Asset Management Inc’s holdings in TC Energy were worth $331,863,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in shares of TC Energy in the third quarter valued at approximately $28,000. Blue Trust Inc. increased its stake in shares of TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after buying an additional 267 shares during the period. Versant Capital Management Inc acquired a new position in shares of TC Energy in the fourth quarter valued at approximately $33,000. Point72 DIFC Ltd acquired a new position in shares of TC Energy in the third quarter valued at approximately $39,000. Finally, UMB Bank n.a. acquired a new position in shares of TC Energy in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRP has been the subject of several recent research reports. The Goldman Sachs Group upped their price objective on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Monday, October 21st. StockNews.com initiated coverage on shares of TC Energy in a research report on Wednesday, December 4th. They set a “hold” rating for the company. TD Securities initiated coverage on shares of TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. Finally, BMO Capital Markets increased their target price on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $56.00.

TC Energy Stock Performance

Shares of TRP stock opened at $46.05 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $47.85 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 4.45 and a beta of 0.81. The firm has a fifty day simple moving average of $46.61 and a two-hundred day simple moving average of $46.58. TC Energy Co. has a 12 month low of $31.83 and a 12 month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results 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. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same period last year, the firm posted $1.35 EPS. Analysts forecast that TC Energy Co. will post 2.92 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. Stockholders of record on Monday, March 31st will be given a dividend of $0.85 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 annualized dividend and a dividend yield of 7.38%. TC Energy’s dividend payout ratio (DPR) is currently 63.43%.

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.