Flagship Harbor Advisors LLC Grows Position in TC Energy Corporation (NYSE:TRP)

Flagship Harbor Advisors LLC increased its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 90.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,403 shares of the pipeline company’s stock after purchasing an additional 6,362 shares during the period. Flagship Harbor Advisors LLC’s holdings in TC Energy were worth $633,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRP. Norges Bank purchased a new position in shares of TC Energy during the 4th quarter worth about $428,759,000. Mufg Securities Canada LTD. boosted its stake in shares of TC Energy by 571.7% during the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company’s stock worth $288,043,000 after purchasing an additional 5,264,079 shares during the period. Blackstone Inc. boosted its stake in shares of TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company’s stock worth $355,371,000 after purchasing an additional 3,482,874 shares during the period. FIL Ltd boosted its stake in shares of TC Energy by 10.3% during the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of TC Energy during the 4th quarter worth about $102,405,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of TRP opened at $47.21 on Wednesday. The stock has a 50 day moving average of $49.61 and a 200-day moving average of $47.65. TC Energy Corporation has a 52 week low of $37.07 and a 52 week high of $51.99. The firm has a market cap of $49.09 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 4.54 and a beta of 0.78. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.04). TC Energy had a net margin of 29.17% and a return on equity of 11.41%. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. As a group, analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a dividend of $0.6142 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 annualized dividend and a dividend yield of 5.20%. TC Energy’s dividend payout ratio is 77.89%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Citigroup started coverage on shares of TC Energy in a report on Friday, April 4th. They issued a “neutral” rating for the company. Cibc World Mkts raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 2nd. Wall Street Zen cut TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.00.

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.