Bank of Nova Scotia Has $821.47 Million Stake in TC Energy Corporation $TRP

Bank of Nova Scotia cut its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 0.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,831,571 shares of the pipeline company’s stock after selling 151,872 shares during the quarter. TC Energy makes up 1.7% of Bank of Nova Scotia’s portfolio, making the stock its 13th largest position. Bank of Nova Scotia’s holdings in TC Energy were worth $821,466,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TRP. FORA Capital LLC purchased a new position in shares of TC Energy during the first quarter valued at about $776,000. Fractal Investments LLC boosted its position in TC Energy by 34.4% during the 2nd quarter. Fractal Investments LLC now owns 649,000 shares of the pipeline company’s stock valued at $31,665,000 after acquiring an additional 166,000 shares in the last quarter. Miller Howard Investments Inc. NY grew its holdings in shares of TC Energy by 93.8% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 1,153,849 shares of the pipeline company’s stock worth $56,296,000 after acquiring an additional 558,498 shares during the period. Norges Bank purchased a new position in shares of TC Energy during the 2nd quarter worth approximately $493,434,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of TC Energy in the 1st quarter worth approximately $273,000. Institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on TRP. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research report on Thursday, November 20th. Royal Bank Of Canada upped their price target on TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Cibc Captl Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of TC Energy in a research note on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, TC Energy has an average rating of “Moderate Buy” and a consensus price target of $84.00.

TC Energy Trading Down 0.3%

Shares of TRP stock opened at $54.63 on Monday. The stock has a fifty day simple moving average of $52.88 and a two-hundred day simple moving average of $50.93. TC Energy Corporation has a 52-week low of $43.51 and a 52-week high of $55.37. The firm has a market capitalization of $56.86 billion, a PE ratio of 23.55 and a beta of 0.70. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.56 and a current ratio of 0.63.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.56. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company earned $1.03 EPS. On average, analysts predict that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 6.2%. The ex-dividend date is Wednesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio is presently 106.47%.

TC Energy Company 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.