The Manufacturers Life Insurance Company Acquires 285,783 Shares of TC Energy Co. (NYSE:TRP)

The Manufacturers Life Insurance Company increased its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 10.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,952,435 shares of the pipeline company’s stock after purchasing an additional 285,783 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in TC Energy were worth $137,758,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of TRP. Norges Bank bought a new stake in shares of TC Energy during the fourth quarter worth approximately $428,759,000. Mufg Securities Canada LTD. raised its stake in shares of TC Energy by 571.7% during the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company’s stock worth $288,043,000 after buying an additional 5,264,079 shares during the last quarter. FIL Ltd raised its stake in shares of TC Energy by 10.3% during the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock worth $1,325,558,000 after buying an additional 2,644,627 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of TC Energy during the fourth quarter worth approximately $102,405,000. Finally, Kayne Anderson Capital Advisors LP raised its stake in shares of TC Energy by 51.4% during the fourth quarter. Kayne Anderson Capital Advisors LP now owns 4,842,255 shares of the pipeline company’s stock worth $225,310,000 after buying an additional 1,644,115 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TRP shares. US Capital Advisors raised shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. StockNews.com cut shares of TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Royal Bank of Canada upped their price objective on shares of TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. TD Securities began coverage on shares of TC Energy in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Finally, Veritas upgraded shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Price Performance

TRP opened at $50.22 on Tuesday. The company has a fifty day simple moving average of $47.12 and a 200 day simple moving average of $47.21. The stock has a market cap of $52.21 billion, a P/E ratio of 15.50, a P/E/G ratio of 4.34 and a beta of 0.74. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. TC Energy Co. has a 12 month low of $35.38 and a 12 month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.54. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter in the prior year, the company earned $1.35 EPS. On average, research analysts expect that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date is Monday, March 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s dividend payout ratio is 72.84%.

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.