517,830 Shares in TC Energy Corporation $TRP Bought by Purpose Unlimited Inc.

Purpose Unlimited Inc. purchased a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 517,830 shares of the pipeline company’s stock, valued at approximately $28,510,000. TC Energy makes up 1.3% of Purpose Unlimited Inc.’s holdings, making the stock its 20th largest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Citigroup Inc. raised its stake in TC Energy by 19.2% during the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company’s stock valued at $20,562,000 after purchasing an additional 61,013 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in TC Energy by 80.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 526,181 shares of the pipeline company’s stock worth $28,945,000 after purchasing an additional 234,594 shares during the period. Harvest Portfolios Group Inc. boosted its stake in TC Energy by 13.6% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 294,618 shares of the pipeline company’s stock worth $16,019,000 after purchasing an additional 35,349 shares during the period. Capital Research Global Investors grew its holdings in TC Energy by 2.5% during the 3rd quarter. Capital Research Global Investors now owns 41,977,582 shares of the pipeline company’s stock valued at $2,282,469,000 after buying an additional 1,041,864 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in TC Energy by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company’s stock valued at $2,632,200,000 after buying an additional 980,221 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRP has been the subject of a number of research reports. Morgan Stanley lowered shares of TC Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, June 10th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a research report on Tuesday, May 26th. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Finally, Weiss Ratings downgraded shares of TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.50.

TC Energy Price Performance

Shares of TC Energy stock opened at $67.70 on Friday. The stock has a market cap of $67.70 billion, a price-to-earnings ratio of 29.38 and a beta of 0.66. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a 50 day moving average price of $66.18 and a 200-day moving average price of $61.53. TC Energy Corporation has a one year low of $46.29 and a one year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Equities analysts expect that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a yield of 5.2%. TC Energy’s payout ratio is 109.57%.

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.