Van ECK Associates Corp Purchases 28,955 Shares of TC Energy Corporation $TRP

Van ECK Associates Corp grew its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 7.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 431,403 shares of the pipeline company’s stock after buying an additional 28,955 shares during the period. Van ECK Associates Corp’s holdings in TC Energy were worth $23,457,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. increased its stake in shares of TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in TC Energy by 237.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after buying an additional 565 shares in the last quarter. Sagard Holdings Management Inc. bought a new stake in TC Energy during the 2nd quarter valued at $46,000. City Holding Co. purchased a new stake in shares of TC Energy during the third quarter worth $72,000. Finally, First Horizon Corp bought a new stake in shares of TC Energy during the 3rd quarter valued at $77,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Down 0.8%

NYSE TRP opened at $63.14 on Thursday. The stock has a market cap of $65.74 billion, a P/E ratio of 27.17 and a beta of 0.72. TC Energy Corporation has a fifty-two week low of $43.59 and a fifty-two week high of $65.57. The stock has a 50 day simple moving average of $59.22 and a two-hundred day simple moving average of $55.23. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.During the same quarter in the prior year, the company earned $1.05 earnings per share. On average, analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This is an increase from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Tuesday, March 31st. TC Energy’s dividend payout ratio is presently 110.78%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TRP. Raymond James Financial raised TC Energy to a “hold” rating in a research note on Tuesday, February 17th. The Goldman Sachs Group upped their price target on shares of TC Energy from $48.00 to $53.00 and gave the company a “sell” rating in a research report on Wednesday, February 18th. Morgan Stanley reaffirmed an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research note on Thursday, February 19th. Finally, TD Securities lowered TC Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, TC Energy currently has an average rating of “Hold” and a consensus target price of $72.50.

About TC Energy

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.