Connor Clark & Lunn Investment Management Ltd. Makes New $977.98 Million Investment in TC Energy Corporation $TRP

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 14,781,669 shares of the pipeline company’s stock, valued at approximately $977,976,000. TC Energy makes up about 1.9% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 6th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia bought a new stake in shares of TC Energy during the second quarter worth $298,788,000. Hudson Portfolio Management LLC acquired a new position in shares of TC Energy during the second quarter valued at $724,000. Elevation Point Wealth Partners LLC bought a new position in TC Energy in the second quarter valued at about $2,639,000. Greenland Capital Management LP bought a new position in TC Energy in the second quarter valued at about $232,000. Finally, GQG Partners LLC acquired a new stake in TC Energy in the second quarter worth about $1,107,936,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Trading Up 0.0%

NYSE:TRP opened at $62.04 on Monday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The firm has a market capitalization of $64.64 billion, a price-to-earnings ratio of 25.74 and a beta of 0.66. The business’s 50-day moving average price is $66.95 and its two-hundred day moving average price is $65.29.

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

TC Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TRP. Weiss Ratings reissued a “buy (b)” rating on shares of TC Energy in a report on Friday, July 31st. Barclays reiterated an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. Royal Bank Of Canada increased their price objective on shares of TC Energy from $104.00 to $106.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of TC Energy in a research note on Friday, July 31st. One 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.