Connor Clark & Lunn Investment Management Ltd. Purchases 4,126,801 Shares of TC Energy Co. (NYSE:TRP)

Connor Clark & Lunn Investment Management Ltd. increased its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 156.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,769,975 shares of the pipeline company’s stock after acquiring an additional 4,126,801 shares during the period. TC Energy comprises approximately 1.6% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 15th largest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.65% of TC Energy worth $321,778,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRP. Murchinson Ltd. purchased a new position in shares of TC Energy in the first quarter worth $506,485,000. Canada Pension Plan Investment Board increased its holdings in TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after buying an additional 10,065,000 shares in the last quarter. Merewether Investment Management LP purchased a new position in TC Energy in the 2nd quarter worth about $112,618,000. Cardinal Capital Management Inc. lifted its stake in TC Energy by 101.4% during the 2nd quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock valued at $192,024,000 after acquiring an additional 2,551,926 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of TC Energy by 841.1% during the 2nd quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock valued at $77,349,000 after acquiring an additional 1,824,008 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Trading Down 0.2 %

Shares of TRP stock opened at $49.83 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 company has a market cap of $51.71 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 4.12 and a beta of 0.81. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.22. The firm has a fifty day moving average price of $47.01 and a 200-day moving average price of $43.01.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.83 billion. As a group, equities analysts predict that TC Energy Co. will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.822 dividend. This represents a $3.29 annualized dividend and a yield of 6.60%. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s dividend payout ratio is currently 67.31%.

Wall Street Analysts Forecast Growth

TRP has been the subject of several research reports. StockNews.com initiated coverage on shares of TC Energy in a report on Monday. They set a “hold” rating for the company. Veritas upgraded shares of TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.50.

About TC Energy

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.