Norges Bank Takes Position in TC Energy Co. (NYSE:TRP)

Norges Bank acquired a new position in TC Energy Co. (NYSE:TRP) (TSE:TRP) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 9,212,017 shares of the pipeline company’s stock, valued at approximately $428,759,000.

A number of other hedge funds also recently bought and sold shares of TRP. Thrivent Financial for Lutherans purchased a new position in TC Energy in the third quarter worth about $236,000. Citigroup Inc. lifted its stake in shares of TC Energy by 73.9% in the 3rd quarter. Citigroup Inc. now owns 166,822 shares of the pipeline company’s stock worth $7,939,000 after purchasing an additional 70,905 shares during the period. Cerity Partners LLC grew its position in TC Energy by 72.9% during the third quarter. Cerity Partners LLC now owns 20,538 shares of the pipeline company’s stock valued at $977,000 after buying an additional 8,660 shares during the period. FMR LLC raised its position in TC Energy by 2,821.8% in the third quarter. FMR LLC now owns 574,427 shares of the pipeline company’s stock worth $27,311,000 after acquiring an additional 554,767 shares during the period. Finally, Bridgewater Associates LP purchased a new position in shares of TC Energy during the 3rd quarter worth $2,634,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Trading Down 0.5 %

Shares of TRP opened at $48.02 on Friday. TC Energy Co. has a 1 year low of $34.95 and a 1 year high of $50.37. The company has a 50 day simple moving average of $46.54 and a two-hundred day simple moving average of $46.93. 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 cap of $49.90 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.54. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same period last year, the company posted $1.35 earnings per share. On average, equities analysts expect 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. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.08%. The ex-dividend date of this dividend is Monday, March 31st. TC Energy’s payout ratio is currently 72.53%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Royal Bank of Canada upped their price objective on TC Energy from $71.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. StockNews.com downgraded TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Veritas upgraded TC Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. TD Securities started coverage on shares of TC Energy in a report on Wednesday, January 15th. They set a “buy” rating on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.