Elevation Point Wealth Partners LLC Purchases Shares of 39,752 TC Energy Corporation $TRP

Elevation Point Wealth Partners LLC acquired a new position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 2nd quarter, HoldingsChannel reports. The fund acquired 39,752 shares of the pipeline company’s stock, valued at approximately $2,639,000.

Other large investors also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after purchasing an additional 3,892 shares during the period. Focus Partners Wealth raised its position in TC Energy by 46.1% in the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after purchasing an additional 3,929 shares during the period. Intech Investment Management LLC raised its position in TC Energy by 200.7% in the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 17,939 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of TC Energy by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock worth $181,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its stake in shares of TC Energy by 9.9% during the second quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock worth $818,000 after purchasing an additional 1,511 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. 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 set a $99.00 price target on shares of TC Energy in a research report on Friday, July 31st. Royal Bank Of Canada upped their price target on TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Finally, TD Securities reiterated a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

TC Energy Stock Performance

NYSE:TRP opened at $62.04 on Monday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a 50-day moving average of $66.95 and a two-hundred day moving average of $65.29. The stock has a market cap of $64.64 billion, a P/E ratio of 25.74 and a beta of 0.66. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47.

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

TC Energy Dividend Announcement

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

TC Energy 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.