Zurich Insurance Group Ltd FI Invests $73.16 Million in TC Energy Co. (NYSE:TRP)

Zurich Insurance Group Ltd FI acquired a new stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) in the third quarter, HoldingsChannel reports. The firm acquired 1,537,497 shares of the pipeline company’s stock, valued at approximately $73,162,000.

A number of other large investors also recently bought and sold shares of TRP. EdgeRock Capital LLC purchased a new position in TC Energy during the 2nd quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 429 shares during the period. Fortitude Family Office LLC purchased a new position in TC Energy during the 3rd quarter valued at $28,000. Blue Trust Inc. boosted its holdings in TC Energy by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 267 shares during the period. Finally, Mather Group LLC. purchased a new position in TC Energy during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Trading Down 1.4 %

Shares of NYSE:TRP opened at $48.25 on Friday. The business’s 50-day moving average is $47.59 and its 200 day moving average is $43.83. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.37. The firm has a market capitalization of $50.08 billion, a P/E ratio of 13.37, a P/E/G ratio of 4.09 and a beta of 0.82. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. On average, research analysts predict that TC Energy Co. will post 3 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. This represents a $3.29 annualized dividend and a yield of 6.81%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s payout ratio is presently 78.95%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TRP. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. BMO Capital Markets upped their target price on TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. StockNews.com began coverage on TC Energy in a report on Wednesday. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group upped their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, TC Energy has a consensus rating of “Hold” and a consensus price target of $55.67.

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.