The Manufacturers Life Insurance Company Makes New $362.98 Million Investment in TC Energy Corporation $TRP

The Manufacturers Life Insurance Company purchased a new stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,491,844 shares of the pipeline company’s stock, valued at approximately $362,982,000.

Several other institutional investors have also recently made changes to their positions in the stock. Ontario Teachers Pension Plan Board acquired a new position in TC Energy during the 2nd quarter worth approximately $273,917,000. Korea Investment CORP bought a new position in TC Energy in the second quarter worth approximately $30,152,000. Generali Asset Management SPA SGR boosted its holdings in TC Energy by 261.0% in the fourth quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company’s stock worth $4,121,000 after acquiring an additional 54,154 shares in the last quarter. BROOKFIELD Corp ON grew its stake in TC Energy by 8.9% in the first quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company’s stock valued at $108,647,000 after acquiring an additional 141,556 shares during the period. Finally, Vanguard Group Inc. grew its stake in TC Energy by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company’s stock valued at $2,632,200,000 after acquiring an additional 980,221 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. Barclays reissued an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research note on Tuesday, July 21st. US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Finally, Royal Bank Of Canada upped their price objective on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, TC Energy presently has an average rating of “Moderate Buy” and a consensus price target of $89.00.

TC Energy Price Performance

TRP stock opened at $62.06 on Tuesday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The business has a 50-day simple moving average of $66.80 and a two-hundred day simple moving average of $65.30. The company has a market capitalization of $64.66 billion, a P/E ratio of 25.75 and a beta of 0.66. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $0.82 earnings per share. Research analysts expect that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 5.7%. TC Energy’s dividend payout ratio is 102.49%.

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.