JPMorgan Chase & Co. Increases Stake in TC Energy Corporation $TRP

JPMorgan Chase & Co. boosted its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,237,084 shares of the pipeline company’s stock after buying an additional 512,759 shares during the quarter. JPMorgan Chase & Co.’s holdings in TC Energy were worth $611,410,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Westside Investment Management Inc. raised its position in shares of TC Energy by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 297 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in TC Energy by 237.4% in the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 565 shares during the period. Sagard Holdings Management Inc. bought a new position in TC Energy in the second quarter worth $46,000. SouthState Corp lifted its position in TC Energy by 2,757.1% during the second quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after buying an additional 965 shares during the period. Finally, City Holding Co. purchased a new position in TC Energy during the third quarter valued at $72,000. 83.13% of the stock is owned by institutional investors.

TC Energy Trading Down 2.1%

TC Energy stock opened at $62.23 on Wednesday. TC Energy Corporation has a one year low of $43.59 and a one year high of $63.94. The business’s fifty day moving average is $56.49 and its 200 day moving average is $53.79. The stock has a market capitalization of $64.80 billion, a PE ratio of 26.78 and a beta of 0.73. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.63 and a quick ratio of 0.56.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.47%. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the business earned $1.05 EPS. On average, sell-side analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 dividend on an annualized basis and a yield of 5.6%. This is a boost from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s dividend payout ratio (DPR) is presently 106.90%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research note on Thursday, November 20th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Tuesday. Wall Street Zen upgraded shares of TC Energy from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Royal Bank Of Canada boosted their price target on TC Energy from $84.00 to $92.00 and gave the stock an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $92.00.

TC Energy Company Profile

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.