Beutel Goodman & Co Ltd. Has $341.04 Million Holdings in TC Energy Corporation $TRP

Beutel Goodman & Co Ltd. cut its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,999,809 shares of the pipeline company’s stock after selling 265,201 shares during the period. TC Energy makes up approximately 1.9% of Beutel Goodman & Co Ltd.’s investment portfolio, making the stock its 25th largest holding. Beutel Goodman & Co Ltd.’s holdings in TC Energy were worth $341,038,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TRP. Vanguard Group Inc. raised its position in shares of TC Energy by 3.4% during the second quarter. Vanguard Group Inc. now owns 45,907,306 shares of the pipeline company’s stock worth $2,241,195,000 after purchasing an additional 1,509,328 shares during the period. Canada Pension Plan Investment Board increased its stake in TC Energy by 34.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock worth $935,627,000 after purchasing an additional 5,053,228 shares in the last quarter. TD Asset Management Inc raised its holdings in TC Energy by 9.3% during the 2nd quarter. TD Asset Management Inc now owns 19,074,181 shares of the pipeline company’s stock worth $929,316,000 after buying an additional 1,618,441 shares during the period. Goldman Sachs Group Inc. raised its holdings in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock worth $769,815,000 after buying an additional 15,694,336 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in TC Energy by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 10,724,325 shares of the pipeline company’s stock valued at $523,240,000 after buying an additional 738,012 shares in the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

TRP opened at $54.81 on Friday. The business’s 50-day simple moving average is $52.86 and its 200 day simple moving average is $50.88. TC Energy Corporation has a 52-week low of $43.51 and a 52-week high of $55.37. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.56 and a current ratio of 0.63. The firm has a market capitalization of $57.04 billion, a PE ratio of 23.62 and a beta of 0.70.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.56. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $2.63 billion. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.During the same period last year, the company earned $1.03 earnings per share. As a group, sell-side analysts expect that TC Energy Corporation 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 Friday, January 30th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 dividend on an annualized basis and a yield of 6.2%. TC Energy’s dividend payout ratio is presently 106.47%.

Wall Street Analyst Weigh In

TRP has been the subject of several research reports. Royal Bank Of Canada increased their price objective on shares of TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of TC Energy in a research note on Monday. US Capital Advisors lowered TC Energy from a “moderate buy” rating to a “hold” rating in a report on Thursday, August 21st. Finally, Cibc Captl Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

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.