Arrowstreet Capital Limited Partnership Makes New $102.41 Million Investment in TC Energy Co. (NYSE:TRP)

Arrowstreet Capital Limited Partnership bought a new stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,200,494 shares of the pipeline company’s stock, valued at approximately $102,405,000. Arrowstreet Capital Limited Partnership owned 0.21% of TC Energy at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TRP. SBI Securities Co. Ltd. purchased a new stake in TC Energy during the fourth quarter valued at about $31,000. Versant Capital Management Inc purchased a new stake in shares of TC Energy during the 4th quarter valued at approximately $33,000. Synergy Investment Management LLC bought a new position in TC Energy in the 4th quarter worth approximately $36,000. Point72 DIFC Ltd purchased a new position in TC Energy in the 3rd quarter valued at approximately $39,000. Finally, Millstone Evans Group LLC bought a new stake in TC Energy during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

Shares of NYSE:TRP opened at $47.17 on Tuesday. The company’s fifty day moving average price is $46.53 and its 200-day moving average price is $46.96. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23. The firm has a market capitalization of $49.02 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 4.34 and a beta of 0.83. TC Energy Co. has a one year low of $34.95 and a one year 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 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. On average, equities research analysts anticipate that TC Energy Co. will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a $0.85 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 dividend on an annualized basis and a yield of 7.21%. TC Energy’s payout ratio is presently 72.53%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRP. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. StockNews.com cut TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Royal Bank of Canada raised 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. Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. Finally, TD Securities started coverage on shares of TC Energy in a report on Wednesday, January 15th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy Profile

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.