SIR Capital Management L.P. Makes New Investment in TC Energy Co. (NYSE:TRP)

SIR Capital Management L.P. purchased a new position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 344,756 shares of the pipeline company’s stock, valued at approximately $13,066,000. TC Energy makes up about 1.3% of SIR Capital Management L.P.’s holdings, making the stock its 28th biggest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. EdgeRock Capital LLC purchased a new stake in TC Energy during the second quarter worth approximately $25,000. Creekmur Asset Management LLC acquired a new position in shares of TC Energy in the 4th quarter worth approximately $27,000. Whittier Trust Co. of Nevada Inc. lifted its stake in TC Energy by 138.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new position in shares of TC Energy in the 4th quarter worth about $31,000. Finally, Mather Group LLC. bought a new position in TC Energy in the second quarter worth about $33,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of NYSE TRP opened at $47.07 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The stock has a market capitalization of $47.07 billion, a price-to-earnings ratio of 24.26, a PEG ratio of 3.81 and a beta of 0.81. The stock’s fifty day simple moving average is $42.59 and its 200 day simple moving average is $39.96. TC Energy Co. has a 52-week low of $32.51 and a 52-week high of $47.38.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.29. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same period in the previous year, the firm posted $0.71 EPS. As a group, sell-side analysts forecast that TC Energy Co. will post 3.06 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a $0.702 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.97%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s payout ratio is 143.30%.

Analysts Set New Price Targets

Separately, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $43.50.

TC Energy Company Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers 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.