Premier Fund Managers Ltd Increases Holdings in TC Energy Corporation (NYSE:TRP)

Premier Fund Managers Ltd increased its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 392.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 246,000 shares of the pipeline company’s stock after buying an additional 196,000 shares during the quarter. Premier Fund Managers Ltd’s holdings in TC Energy were worth $11,817,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Benjamin Edwards Inc. grew its position in shares of TC Energy by 1.7% in the fourth quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company’s stock valued at $745,000 after purchasing an additional 273 shares in the last quarter. Avantax Advisory Services Inc. grew its position in shares of TC Energy by 3.6% in the first quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company’s stock valued at $468,000 after purchasing an additional 344 shares in the last quarter. FSM Wealth Advisors LLC grew its position in shares of TC Energy by 9.2% in the first quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company’s stock valued at $243,000 after purchasing an additional 432 shares in the last quarter. SBI Securities Co. Ltd. grew its position in shares of TC Energy by 75.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company’s stock valued at $55,000 after purchasing an additional 501 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in shares of TC Energy by 6.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,764 shares of the pipeline company’s stock valued at $361,000 after purchasing an additional 502 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Price Performance

NYSE:TRP opened at $46.85 on Tuesday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The stock has a fifty day moving average of $48.74 and a 200 day moving average of $47.85. TC Energy Corporation has a 52-week low of $37.41 and a 52-week high of $51.99. The firm has a market capitalization of $48.72 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 4.53 and a beta of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period last year, the firm earned $1.02 EPS. On average, research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a dividend of $0.6142 per share. This represents a $2.46 annualized dividend and a yield of 5.24%. The ex-dividend date is Monday, June 30th. TC Energy’s dividend payout ratio (DPR) is currently 82.18%.

Analyst Ratings Changes

TRP has been the subject of several recent research reports. Citigroup initiated coverage on TC Energy in a research report on Friday, April 4th. They issued a “neutral” rating for the company. Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 2nd. Finally, CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

About TC Energy

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.