OMERS ADMINISTRATION Corp Takes $56.27 Million Position in TC Energy Corporation $TRP

OMERS ADMINISTRATION Corp bought a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 849,933 shares of the pipeline company’s stock, valued at approximately $56,265,000.

A number of other large investors also recently bought and sold shares of the business. GQG Partners LLC bought a new stake in TC Energy during the second quarter worth about $1,107,936,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in TC Energy in the second quarter worth about $977,976,000. Norges Bank bought a new position in shares of TC Energy during the fourth quarter valued at approximately $583,732,000. Deutsche Bank AG increased its stake in shares of TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock valued at $846,288,000 after purchasing an additional 5,956,263 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of TC Energy during the second quarter valued at approximately $298,788,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Up 0.0%

Shares of NYSE:TRP opened at $62.04 on Monday. The stock’s 50-day simple moving average is $66.95 and its two-hundred day simple moving average is $65.29. The stock has a market capitalization of $64.64 billion, a price-to-earnings ratio of 25.74 and a beta of 0.66. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter last year, the company posted $0.82 EPS. Analysts expect that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.7%. TC Energy’s dividend payout ratio is 102.49%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Morgan Stanley cut TC Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, June 10th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. BMO Capital Markets reissued an “outperform” rating and issued a $99.00 target price on shares of TC Energy in a report on Friday, July 31st. TD Securities reissued a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TC Energy in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

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.