CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 357,605 Shares of TC Energy Co. (NYSE:TRP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 41.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,214,265 shares of the pipeline company’s stock after buying an additional 357,605 shares during the period. TC Energy comprises approximately 4.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 11th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in TC Energy were worth $57,738,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Viking Fund Management LLC increased its stake in shares of TC Energy by 4.4% in the first quarter. Viking Fund Management LLC now owns 151,400 shares of the pipeline company’s stock valued at $6,086,000 after buying an additional 6,400 shares during the period. Ausbil Investment Management Ltd lifted its position in shares of TC Energy by 2.1% in the 1st quarter. Ausbil Investment Management Ltd now owns 188,275 shares of the pipeline company’s stock worth $7,581,000 after purchasing an additional 3,917 shares during the period. Galibier Capital Management Ltd. bought a new stake in shares of TC Energy in the 1st quarter valued at $73,000. First Bank & Trust boosted its stake in shares of TC Energy by 2.1% in the 1st quarter. First Bank & Trust now owns 58,835 shares of the pipeline company’s stock valued at $2,365,000 after purchasing an additional 1,198 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in TC Energy during the first quarter worth $125,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

TC Energy stock remained flat at $47.36 during mid-day trading on Tuesday. The company had a trading volume of 393,293 shares, compared to its average volume of 3,208,120. The company has a market capitalization of $47.36 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 3.98 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The business has a 50 day simple moving average of $45.95 and a two-hundred day simple moving average of $41.30. TC Energy Co. has a 1-year low of $30.48 and a 1-year high of $48.25.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the business posted $0.71 EPS. On average, sell-side analysts forecast that TC Energy Co. will post 3.02 earnings per share for the current year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be given a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a yield of 5.93%. TC Energy’s dividend payout ratio is presently 146.39%.

Analyst Ratings Changes

A number of brokerages have weighed in on TRP. The Goldman Sachs Group increased their price target on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday. StockNews.com assumed coverage on TC Energy in a research note on Saturday, October 5th. They issued a “hold” rating on the stock. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.