TC Energy Co. (NYSE:TRP) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in TC Energy Co. (NYSE:TRPGet Rating) (TSE:TRP) by 5.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,901,481 shares of the pipeline company’s stock after purchasing an additional 104,933 shares during the quarter. Franklin Resources Inc. owned about 0.19% of TC Energy worth $98,501,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TRP. Capital World Investors raised its stake in TC Energy by 66.3% in the 1st quarter. Capital World Investors now owns 56,475,561 shares of the pipeline company’s stock valued at $3,185,453,000 after purchasing an additional 22,507,712 shares during the last quarter. Bank of America Corp DE raised its stake in TC Energy by 270.4% in the 1st quarter. Bank of America Corp DE now owns 15,677,795 shares of the pipeline company’s stock valued at $884,541,000 after purchasing an additional 11,445,541 shares during the last quarter. Bank of Nova Scotia raised its stake in TC Energy by 32.9% in the 1st quarter. Bank of Nova Scotia now owns 22,350,592 shares of the pipeline company’s stock valued at $1,260,463,000 after purchasing an additional 5,528,468 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in TC Energy by 80.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 10,956,500 shares of the pipeline company’s stock valued at $618,504,000 after purchasing an additional 4,870,000 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in TC Energy by 161.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,930,618 shares of the pipeline company’s stock valued at $307,196,000 after purchasing an additional 3,661,452 shares during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TRP shares. Barclays dropped their target price on TC Energy from C$67.00 to C$65.00 in a report on Wednesday, October 19th. TD Securities upped their target price on TC Energy from C$75.00 to C$76.00 in a report on Thursday, August 11th. National Bank Financial upped their target price on TC Energy from C$56.00 to C$58.00 in a report on Friday, November 11th. StockNews.com started coverage on TC Energy in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Scotiabank dropped their target price on TC Energy from C$76.00 to C$67.00 in a report on Thursday, October 20th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $67.00.

TC Energy Stock Performance

Shares of TC Energy stock opened at $48.81 on Thursday. The business has a 50-day moving average of $44.20 and a 200 day moving average of $49.69. TC Energy Co. has a 12 month low of $39.11 and a 12 month high of $59.38. The stock has a market capitalization of $49.39 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 3.83 and a beta of 0.80. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.53 and a quick ratio of 0.47.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be issued a dividend of $0.661 per share. This represents a $2.64 dividend on an annualized basis and a yield of 5.42%. The ex-dividend date of this dividend is Thursday, December 29th. TC Energy’s dividend payout ratio (DPR) is 103.95%.

TC Energy Profile

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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 Storage. The company builds and operates 93,300 km network 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.

Further Reading

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Institutional Ownership by Quarter for TC Energy (NYSE:TRP)

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