Arrowstreet Capital Limited Partnership Makes New $102.41 Million Investment in TC Energy Co. (NYSE:TRP)

Arrowstreet Capital Limited Partnership acquired a new stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) during the fourth quarter, Holdings Channel reports. The fund acquired 2,200,494 shares of the pipeline company’s stock, valued at approximately $102,405,000.

Other large investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in TC Energy during the 4th quarter valued at about $31,000. Versant Capital Management Inc purchased a new stake in shares of TC Energy during the fourth quarter valued at approximately $33,000. Synergy Investment Management LLC bought a new position in shares of TC Energy in the fourth quarter worth approximately $36,000. Point72 DIFC Ltd purchased a new position in shares of TC Energy in the third quarter worth $39,000. Finally, Millstone Evans Group LLC bought a new stake in TC Energy during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

TRP opened at $47.17 on Tuesday. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The company has a market cap of $49.02 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83. The stock has a fifty day simple moving average of $46.53 and a two-hundred day simple moving average of $46.96. TC Energy Co. has a 12-month low of $34.95 and a 12-month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same period last year, the company posted $1.35 EPS. Research analysts predict that TC Energy Co. will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.85 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 annualized dividend and a dividend yield of 7.21%. This is an increase from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s dividend payout ratio is presently 72.53%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Veritas upgraded shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. StockNews.com downgraded TC Energy from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, February 3rd. Royal Bank of Canada boosted their target price on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. Finally, TD Securities began coverage on shares of TC Energy in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.