Principal Financial Group Inc. Grows Holdings in TC Energy Corporation $TRP

Principal Financial Group Inc. grew its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 6.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 180,605 shares of the pipeline company’s stock after buying an additional 10,867 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $9,822,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Harbor Asset Planning Inc. bought a new position in TC Energy in the second quarter valued at $43,000. Sagard Holdings Management Inc. purchased a new position in shares of TC Energy in the 2nd quarter worth about $46,000. SouthState Corp increased its position in shares of TC Energy by 2,757.1% during the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after purchasing an additional 965 shares during the last quarter. City Holding Co. purchased a new position in shares of TC Energy during the 3rd quarter valued at about $72,000. Finally, First Horizon Corp bought a new stake in TC Energy in the 3rd quarter worth approximately $77,000. 83.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TRP has been the topic of a number of recent research reports. Royal Bank Of Canada increased their price target on shares of TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Wall Street Zen cut shares of TC Energy from a “hold” rating to a “sell” rating in a research note on Sunday, January 4th. Morgan Stanley reiterated an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. BMO Capital Markets raised shares of TC Energy from a “market perform” rating to an “outperform” rating in a research note on Friday, November 7th. Finally, Canadian Imperial Bank of Commerce raised TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $84.00.

TC Energy Trading Up 0.9%

NYSE:TRP opened at $61.46 on Friday. The firm has a market capitalization of $63.97 billion, a P/E ratio of 26.49 and a beta of 0.73. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.60. The company has a fifty day moving average of $55.97 and a 200 day moving average of $53.37. TC Energy Corporation has a 52 week low of $43.59 and a 52 week high of $61.75.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.