Summerhill Capital Management lnc. Purchases New Position in TC Energy Corporation $TRP

Summerhill Capital Management lnc. acquired a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 10,663 shares of the pipeline company’s stock, valued at approximately $666,000. TC Energy makes up 0.6% of Summerhill Capital Management lnc.’s investment portfolio, making the stock its 25th largest holding.

A number of other hedge funds have also bought and sold shares of the business. Union Bancaire Privee UBP SA purchased a new stake in shares of TC Energy during the first quarter worth $3,760,000. Sterling Capital Management LLC bought a new position in shares of TC Energy in the first quarter worth $26,000. Venturi Wealth Management LLC purchased a new position in shares of TC Energy in the first quarter valued at $249,000. HF Advisory Group LLC grew its position in shares of TC Energy by 5.7% in the first quarter. HF Advisory Group LLC now owns 83,668 shares of the pipeline company’s stock valued at $5,238,000 after purchasing an additional 4,480 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its stake in shares of TC Energy by 40.3% during the 1st quarter. Kestra Private Wealth Services LLC now owns 22,379 shares of the pipeline company’s stock valued at $1,401,000 after purchasing an additional 6,426 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Down 0.8%

TC Energy stock opened at $69.66 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. TC Energy Corporation has a fifty-two week low of $46.29 and a fifty-two week high of $71.47. The stock has a market cap of $69.66 billion, a P/E ratio of 30.23 and a beta of 0.66. The firm’s fifty day moving average price is $66.86 and its 200-day moving average price is $62.06.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the company earned $0.95 earnings per share. Equities research analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.0%. TC Energy’s dividend payout ratio (DPR) is presently 109.57%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of recent research reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. BMO Capital Markets reaffirmed an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. National Bank Financial upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. Finally, The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and raised their price objective for the company from $53.00 to $62.00 in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $78.50.

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.