Lorne Steinberg Wealth Management Inc. Grows Stock Holdings in TC Energy Co. (NYSE:TRP)

Lorne Steinberg Wealth Management Inc. grew its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 38.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,641 shares of the pipeline company’s stock after purchasing an additional 14,545 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in TC Energy were worth $2,412,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spirit of America Management Corp NY boosted its stake in shares of TC Energy by 16.8% during the 1st quarter. Spirit of America Management Corp NY now owns 140,664 shares of the pipeline company’s stock valued at $6,436,000 after purchasing an additional 20,264 shares in the last quarter. Concorde Asset Management LLC bought a new stake in TC Energy during the first quarter worth about $1,851,000. CNB Bank increased its holdings in shares of TC Energy by 20.6% in the 4th quarter. CNB Bank now owns 18,261 shares of the pipeline company’s stock worth $744,000 after purchasing an additional 3,114 shares in the last quarter. CENTRAL TRUST Co increased its holdings in shares of TC Energy by 6.6% in the 4th quarter. CENTRAL TRUST Co now owns 5,679 shares of the pipeline company’s stock worth $232,000 after purchasing an additional 353 shares in the last quarter. Finally, KCS Wealth Advisory grew its holdings in shares of TC Energy by 10.2% in the first quarter. KCS Wealth Advisory now owns 24,974 shares of the pipeline company’s stock worth $1,143,000 after acquiring an additional 2,307 shares during the period. 64.75% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts recently weighed in on the company. Credit Suisse Group upgraded TC Energy from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $65.00 to $70.00 in a research report on Thursday, January 21st. National Bank Financial restated an “outperform” rating on shares of TC Energy in a research note on Wednesday, January 27th. CIBC upped their target price on TC Energy from $69.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, February 19th. Stifel Nicolaus decreased their price target on TC Energy from $73.00 to $66.00 and set a “buy” rating for the company in a report on Tuesday, January 19th. Finally, Evercore ISI initiated coverage on shares of TC Energy in a research report on Friday, March 19th. They issued a $70.00 target price on the stock. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $66.65.

Shares of TC Energy stock traded down $0.10 on Wednesday, hitting $50.69. The stock had a trading volume of 21,679 shares, compared to its average volume of 2,411,863. TC Energy Co. has a 52-week low of $38.80 and a 52-week high of $51.92. The company has a current ratio of 0.51, a quick ratio of 0.46 and a debt-to-equity ratio of 1.53. The stock has a market cap of $49.61 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 3.23 and a beta of 0.71. The company’s 50 day moving average price is $47.93 and its 200 day moving average price is $44.47.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Wednesday, February 17th. The pipeline company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.37. The company had revenue of $2.53 billion for the quarter. TC Energy had a return on equity of 13.26% and a net margin of 34.82%. Analysts predict that TC Energy Co. will post 3.12 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Shareholders of record on Wednesday, June 30th will be given a $0.7137 dividend. This represents a $2.85 dividend on an annualized basis and a dividend yield of 5.63%. This is a positive change from TC Energy’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, June 29th. TC Energy’s dividend payout ratio is presently 81.41%.

About TC Energy

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage segments. The company builds and operates 93,400 km network 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.

Further Reading: Special Dividends

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Institutional Ownership by Quarter for TC Energy (NYSE:TRP)

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