NEOS Investment Management LLC Has $51.37 Million Stock Holdings in TC Energy Corporation $TRP

NEOS Investment Management LLC boosted its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 63.1% during the second quarter, HoldingsChannel reports. The fund owned 776,001 shares of the pipeline company’s stock after purchasing an additional 300,247 shares during the quarter. NEOS Investment Management LLC’s holdings in TC Energy were worth $51,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board bought a new position in shares of TC Energy during the second quarter valued at $1,148,244,000. GQG Partners LLC bought a new stake in shares of TC Energy in the second quarter worth $1,107,936,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TC Energy in the second quarter worth $977,976,000. Norges Bank acquired a new stake in TC Energy in the fourth quarter valued at $583,732,000. Finally, Legal & General Group Plc acquired a new stake in TC Energy in the second quarter valued at $519,612,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TRP. Jefferies Financial Group raised TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Royal Bank Of Canada increased their price target on TC Energy from $104.00 to $106.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. BMO Capital Markets restated an “outperform” rating and set a $99.00 price objective on shares of TC Energy in a research report on Friday, July 31st. TD Securities reaffirmed a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. Finally, Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, TC Energy presently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

TC Energy Stock Performance

Shares of TRP opened at $62.87 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $65.51 billion, a P/E ratio of 26.09 and a beta of 0.66. The firm’s fifty day simple moving average is $65.81 and its two-hundred day simple moving average is $65.41. TC Energy Corporation has a 12 month low of $49.27 and a 12 month high of $71.47.

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 for the quarter, topping the consensus estimate of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company posted $0.82 EPS. As a group, analysts predict that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. TC Energy’s dividend payout ratio is presently 102.49%.

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.