Cinctive Capital Management LP Makes New $8.22 Million Investment in TC Energy Co. (NYSE:TRP)

Cinctive Capital Management LP bought a new position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 172,890 shares of the pipeline company’s stock, valued at approximately $8,218,000.

A number of other hedge funds also recently modified their holdings of the stock. Benjamin Edwards Inc. acquired a new stake in TC Energy during the third quarter worth about $749,000. Point72 Asia Singapore Pte. Ltd. bought a new position in TC Energy in the third quarter valued at about $92,000. Erste Asset Management GmbH acquired a new position in TC Energy during the 3rd quarter worth approximately $1,216,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of TC Energy by 60.7% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,068,697 shares of the pipeline company’s stock worth $50,795,000 after buying an additional 403,646 shares during the last quarter. Finally, Point72 Europe London LLP bought a new stake in shares of TC Energy during the third quarter worth $6,110,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Up 1.1 %

NYSE:TRP opened at $48.93 on Monday. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.37. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31. The firm’s fifty day moving average is $47.49 and its 200-day moving average is $43.62. The firm has a market cap of $50.79 billion, a P/E ratio of 13.55, a P/E/G ratio of 4.08 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion. Equities analysts expect that TC Energy Co. will post 3 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.29 annualized dividend and a yield of 6.72%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s dividend payout ratio (DPR) is currently 67.31%.

Analysts Set New Price Targets

Several research firms recently weighed in on TRP. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. StockNews.com assumed coverage on TC Energy in a research report on Tuesday, November 26th. They issued a “hold” rating for the company. Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. The Goldman Sachs Group raised their price target on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Monday, October 21st. Finally, BMO Capital Markets increased 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.67.

TC Energy 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.