Grassi Investment Management Takes $238,000 Position in TC Energy Co. (NYSE:TRP)

Grassi Investment Management bought a new stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,000 shares of the pipeline company’s stock, valued at approximately $238,000.

Other institutional investors have also modified their holdings of the company. Intech Investment Management LLC acquired a new position in shares of TC Energy in the first quarter valued at approximately $1,159,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of TC Energy by 15.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,109,055 shares of the pipeline company’s stock valued at $81,599,000 after purchasing an additional 278,886 shares during the period. M&G Plc acquired a new position in shares of TC Energy in the first quarter valued at approximately $111,587,000. Cetera Investment Advisers increased its holdings in shares of TC Energy by 74.1% in the first quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company’s stock valued at $3,972,000 after purchasing an additional 42,024 shares during the period. Finally, Maryland State Retirement & Pension System grew its holdings in TC Energy by 1.8% during the first quarter. Maryland State Retirement & Pension System now owns 1,302,358 shares of the pipeline company’s stock worth $52,355,000 after acquiring an additional 22,430 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Up 0.1 %

TC Energy stock opened at $47.00 on Thursday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. The firm has a market capitalization of $48.78 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 3.92 and a beta of 0.81. TC Energy Co. has a fifty-two week low of $30.61 and a fifty-two week high of $48.25. The stock’s fifty day moving average is $46.08 and its two-hundred day moving average is $41.40.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the prior year, the business earned $0.71 earnings per share. Analysts predict that TC Energy Co. will post 3.02 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.702 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 5.97%. TC Energy’s dividend payout ratio is currently 116.80%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TRP. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. StockNews.com began coverage on TC Energy in a report on Saturday, October 5th. They set a “hold” rating on the stock. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Finally, Veritas raised TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, TC Energy has an average rating of “Hold” and an average price target of $48.50.

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.