Summerhill Capital Management lnc. Makes New Investment in TC Energy Corporation $TRP

Summerhill Capital Management lnc. acquired a new stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,663 shares of the pipeline company’s stock, valued at approximately $666,000. TC Energy comprises 0.6% of Summerhill Capital Management lnc.’s holdings, making the stock its 25th largest position.

Several other hedge funds have also recently modified their holdings of TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of TC Energy in the 4th quarter worth approximately $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy during the first quarter valued at approximately $26,000. Trust Co. of Vermont bought a new stake in TC Energy during the fourth quarter worth $28,000. McIlrath & Eck LLC bought a new stake in TC Energy during the fourth quarter worth $32,000. Finally, SWAN Capital LLC purchased a new position in TC Energy in the third quarter worth $40,000. Institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price objective on TC Energy from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. The Goldman Sachs Group upgraded TC Energy from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. TD Securities reissued a “hold” rating on shares of TC Energy in a report on Monday, May 4th. Weiss Ratings lowered shares of TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Finally, Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Price Performance

TC Energy stock opened at $69.66 on Friday. The business’s 50 day simple moving average is $66.86 and its 200 day simple moving average is $62.06. TC Energy Corporation has a 12 month low of $46.29 and a 12 month high of $71.47. The company has a market cap of $69.66 billion, a price-to-earnings ratio of 30.23 and a beta of 0.66. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the business posted $0.95 earnings per share. Sell-side analysts forecast that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be issued a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a yield of 5.0%. TC Energy’s dividend payout ratio (DPR) 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.