Candelo Capital Management LP Has $7.30 Million Stock Position in TC Energy Corporation $TRP

Candelo Capital Management LP decreased its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 12.7% in the third quarter, Holdings Channel.com reports. The firm owned 134,195 shares of the pipeline company’s stock after selling 19,453 shares during the period. TC Energy makes up approximately 6.3% of Candelo Capital Management LP’s investment portfolio, making the stock its 2nd biggest position. Candelo Capital Management LP’s holdings in TC Energy were worth $7,302,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC raised its position in TC Energy by 54.0% in the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after purchasing an additional 3,892 shares during the period. Focus Partners Wealth boosted its position in TC Energy by 46.1% during the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after buying an additional 3,929 shares during the period. Intech Investment Management LLC boosted its position in TC Energy by 200.7% during the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after buying an additional 17,939 shares during the period. Savant Capital LLC bought a new position in shares of TC Energy during the second quarter valued at about $271,000. Finally, ProShare Advisors LLC grew its stake in shares of TC Energy by 5.6% during the second quarter. ProShare Advisors LLC now owns 110,091 shares of the pipeline company’s stock valued at $5,375,000 after buying an additional 5,796 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of NYSE:TRP opened at $63.75 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. The company has a 50-day moving average price of $59.54 and a 200-day moving average price of $55.40. The company has a market cap of $66.38 billion, a price-to-earnings ratio of 27.43 and a beta of 0.72. TC Energy Corporation has a 12 month low of $43.59 and a 12 month high of $65.57.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same period last year, the firm earned $1.05 earnings per share. As a group, equities analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a $0.8775 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. This is an increase from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s dividend payout ratio is 110.78%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TRP shares. Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Raymond James Financial upgraded TC Energy to a “hold” rating in a research report on Tuesday, February 17th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Citigroup reiterated a “neutral” rating on shares of TC Energy in a research report on Thursday, February 19th. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a report on Friday, February 20th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, TC Energy presently has an average rating of “Hold” and an average 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.