Elevation Point Wealth Partners LLC Raises Position in TC Energy Corporation $TRP

Elevation Point Wealth Partners LLC lifted its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 178.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,157 shares of the pipeline company’s stock after purchasing an additional 13,569 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in TC Energy were worth $1,329,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. GQG Partners LLC lifted its holdings in shares of TC Energy by 586.5% during the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock worth $890,711,000 after acquiring an additional 13,801,371 shares during the period. Norges Bank purchased a new stake in TC Energy in the fourth quarter valued at approximately $583,732,000. Deutsche Bank AG increased its position in TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock worth $846,288,000 after purchasing an additional 5,956,263 shares during the last quarter. BROOKFIELD Corp ON acquired a new position in TC Energy during the second quarter worth approximately $78,443,000. Finally, TD Asset Management Inc raised its stake in TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock worth $1,150,656,000 after purchasing an additional 1,244,525 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on TRP shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Royal Bank Of Canada lifted their target price on TC Energy from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Barclays restated an “overweight” rating on shares of TC Energy in a research note on Monday, May 4th. Finally, Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, TC Energy currently has an average rating of “Moderate Buy” and an average price target of $78.50.

TC Energy Stock Performance

Shares of TRP stock opened at $66.37 on Monday. The company’s fifty day simple moving average is $67.48 and its 200-day simple moving average is $62.55. TC Energy Corporation has a 52 week low of $46.29 and a 52 week high of $71.47. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. The company has a market cap of $69.15 billion, a PE ratio of 28.81 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company earned $0.95 EPS. As a group, equities research analysts anticipate that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.3%. TC Energy’s dividend payout ratio is presently 110.43%.

TC Energy Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.