Kayne Anderson Capital Advisors LP Buys New Shares in TC Energy Corporation $TRP

Kayne Anderson Capital Advisors LP acquired a new stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 3,922,519 shares of the pipeline company’s stock, valued at approximately $260,024,000. TC Energy makes up about 5.1% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 10th largest position.

Other hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy during the fourth quarter valued at approximately $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy in the first quarter worth $26,000. McIlrath & Eck LLC purchased a new stake in shares of TC Energy in the fourth quarter worth $32,000. Trust Co. of Vermont bought a new stake in shares of TC Energy during the 2nd quarter valued at $33,000. Finally, SWAN Capital LLC bought a new stake in shares of TC Energy during the 3rd quarter valued at $40,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Trading Up 1.1%

Shares of NYSE TRP opened at $63.07 on Friday. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The business’s 50 day moving average is $67.09 and its two-hundred day moving average is $65.26. The stock has a market capitalization of $65.72 billion, a P/E ratio of 26.17 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same period last year, the company earned $0.82 EPS. As a group, research analysts expect that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a $0.8775 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.6%. TC Energy’s dividend payout ratio (DPR) is currently 102.49%.

Analysts Set New Price Targets

TRP has been the subject of several recent analyst reports. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. TD Securities reissued a “hold” rating on shares of TC Energy in a report on Thursday, July 16th. BMO Capital Markets restated an “outperform” rating and issued a $99.00 price objective on shares of TC Energy in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, Royal Bank Of Canada increased their target price on TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

TC Energy Company 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.