Lorne Steinberg Wealth Management Inc. Buys 1,967 Shares of TC Energy Co. (NYSE:TRP)

Lorne Steinberg Wealth Management Inc. boosted its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 178,069 shares of the pipeline company’s stock after purchasing an additional 1,967 shares during the quarter. TC Energy makes up 2.4% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 14th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in TC Energy were worth $8,290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in TRP. Connor Clark & Lunn Investment Management Ltd. boosted its stake in TC Energy by 156.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after purchasing an additional 4,126,801 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of TC Energy during the 3rd quarter valued at about $73,162,000. Merewether Investment Management LP boosted its position in shares of TC Energy by 37.9% during the 3rd quarter. Merewether Investment Management LP now owns 4,097,600 shares of the pipeline company’s stock valued at $194,776,000 after acquiring an additional 1,127,000 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its position in shares of TC Energy by 70.7% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,763,915 shares of the pipeline company’s stock valued at $83,874,000 after acquiring an additional 730,415 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP boosted its position in shares of TC Energy by 29.2% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 3,198,140 shares of the pipeline company’s stock valued at $152,072,000 after acquiring an additional 722,619 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TRP shares. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. TD Securities began coverage on TC Energy in a report on Wednesday, January 15th. They set a “buy” rating on the stock. BMO Capital Markets raised their price objective on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. StockNews.com began coverage on TC Energy in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada raised their price objective on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.00.

TC Energy Price Performance

Shares of TC Energy stock opened at $46.38 on Wednesday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. The business’s 50 day simple moving average is $46.56 and its two-hundred day simple moving average is $46.63. The stock has a market capitalization of $48.19 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 4.35 and a beta of 0.81. TC Energy Co. has a one year low of $31.83 and a one year high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.54. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a return on equity of 11.95% and a net margin of 29.40%. During the same period in the previous year, the firm earned $1.35 EPS. Analysts forecast that TC Energy Co. will post 2.64 EPS for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a $0.85 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.33%. The ex-dividend date of this dividend is Monday, March 31st. TC Energy’s dividend payout ratio (DPR) is currently 70.68%.

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.