Cardinal Capital Management Inc. Grows Stock Position in TC Energy Corporation $TRP

Cardinal Capital Management Inc. grew its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 0.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,496,017 shares of the pipeline company’s stock after acquiring an additional 17,465 shares during the quarter. TC Energy makes up about 3.9% of Cardinal Capital Management Inc.’s holdings, making the stock its 8th biggest holding. Cardinal Capital Management Inc.’s holdings in TC Energy were worth $135,800,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in shares of 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 valued at $769,815,000 after buying an additional 15,694,336 shares in the last quarter. Norges Bank bought a new position in TC Energy during the second quarter valued at approximately $493,434,000. Canada Pension Plan Investment Board grew its position in TC Energy by 34.2% during the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock valued at $935,627,000 after acquiring an additional 5,053,228 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of TC Energy by 2,573.3% during the second quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock worth $130,600,000 after acquiring an additional 2,580,300 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of TC Energy in the 2nd quarter worth approximately $104,628,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

Shares of TRP stock opened at $54.73 on Tuesday. 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 Corporation has a fifty-two week low of $43.51 and a fifty-two week high of $55.37. The firm has a market cap of $56.96 billion, a P/E ratio of 23.59 and a beta of 0.70. The business’s 50 day moving average price is $52.90 and its 200-day moving average price is $51.11.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the prior year, the company earned $1.03 earnings per share. On average, equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $3.40 annualized dividend and a dividend yield of 6.2%. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio is 104.74%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TRP. BMO Capital Markets raised TC Energy from a “market perform” rating to an “outperform” rating in a research note on Friday, November 7th. TD Securities restated a “buy” rating on shares of TC Energy in a research report on Friday, October 17th. Cibc Captl Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Finally, US Capital Advisors downgraded shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and an average target price of $84.00.

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.