Purpose Unlimited Inc. Buys Shares of 517,830 TC Energy Corporation $TRP

Purpose Unlimited Inc. purchased a new position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 517,830 shares of the pipeline company’s stock, valued at approximately $28,510,000. TC Energy comprises 1.3% of Purpose Unlimited Inc.’s holdings, making the stock its 20th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRP. AQR Capital Management LLC lifted its holdings in TC Energy by 54.0% in the first quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock valued at $538,000 after acquiring an additional 3,892 shares during the period. Focus Partners Wealth grew its stake in shares of TC Energy by 46.1% during the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after purchasing an additional 3,929 shares during the period. Intech Investment Management LLC increased its position in shares of TC Energy by 200.7% during the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 17,939 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of TC Energy by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock valued at $181,000 after purchasing an additional 1,243 shares during the last quarter. Finally, Guggenheim Capital LLC lifted its stake in shares of TC Energy by 9.9% in the 2nd quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock worth $818,000 after purchasing an additional 1,511 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Price Performance

NYSE TRP opened at $67.70 on Friday. The stock’s 50-day moving average price is $66.18 and its 200-day moving average price is $61.53. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. TC Energy Corporation has a 52 week low of $46.29 and a 52 week high of $71.47. The company has a market capitalization of $67.70 billion, a P/E ratio of 29.38 and a beta of 0.66.

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 for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.During the same period in the previous year, the firm earned $0.95 EPS. On average, equities research analysts predict that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Announces Dividend

The company 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 dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a yield of 5.2%. TC Energy’s payout ratio is currently 109.57%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TRP. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Monday, May 4th. The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and increased their price target for the stock from $53.00 to $62.00 in a research report on Monday, April 20th. TD Securities reiterated a “hold” rating on shares of TC Energy in a research note on Monday, May 4th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

TC Energy 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.