CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $65.90 Million Stock Position in TC Energy Co. (NYSE:TRP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 16.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,416,324 shares of the pipeline company’s stock after acquiring an additional 202,059 shares during the period. TC Energy makes up about 4.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 11th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.14% of TC Energy worth $65,902,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRP. Fortitude Family Office LLC bought a new position in shares of TC Energy during the third quarter valued at about $28,000. Blue Trust Inc. raised its stake in shares of TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after buying an additional 267 shares during the period. Versant Capital Management Inc bought a new stake in shares of TC Energy in the fourth quarter valued at $33,000. Point72 DIFC Ltd bought a new position in shares of TC Energy during the 3rd quarter worth $39,000. Finally, UMB Bank n.a. purchased a new stake in TC Energy in the 4th quarter worth about $47,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of TRP opened at $47.57 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. The stock has a 50-day moving average price of $47.47 and a 200-day moving average price of $45.82. The company has a market cap of $49.43 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 4.45 and a beta of 0.82. TC Energy Co. has a 12-month low of $31.83 and a 12-month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.83 billion. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. As a group, equities analysts forecast that TC Energy Co. will post 2.95 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.29 annualized dividend and a yield of 6.91%. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s payout ratio is 63.43%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com assumed coverage on shares of TC Energy in a research report on Wednesday, December 4th. They set a “hold” rating for the company. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. BMO Capital Markets increased their price objective on TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $55.67.

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.