US Bancorp DE cut its position in TC Energy Co. (NYSE:TRP – Free Report) TSE: TRP by 34.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 139,827 shares of the pipeline company’s stock after selling 72,000 shares during the period. US Bancorp DE’s holdings in TC Energy were worth $5,466,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Canoe Financial LP lifted its position in TC Energy by 781.8% during the fourth quarter. Canoe Financial LP now owns 704,176 shares of the pipeline company’s stock valued at $27,526,000 after purchasing an additional 624,316 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of TC Energy by 29,994.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock worth $12,094,000 after buying an additional 308,348 shares during the last quarter. Addenda Capital Inc. grew its holdings in shares of TC Energy by 2.5% in the fourth quarter. Addenda Capital Inc. now owns 1,089,146 shares of the pipeline company’s stock worth $42,575,000 after acquiring an additional 26,711 shares during the period. Morgan Stanley increased its position in TC Energy by 42.5% during the third quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock valued at $234,719,000 after acquiring an additional 2,034,846 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in TC Energy in the fourth quarter valued at about $2,050,000. Institutional investors own 83.13% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on TRP. Jefferies Financial Group started coverage on shares of TC Energy in a research note on Tuesday, February 27th. They issued a “hold” rating on the stock. TheStreet raised shares of TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, TC Energy presently has a consensus rating of “Hold” and a consensus target price of $48.83.
TC Energy Price Performance
Shares of TC Energy stock traded down $0.59 on Wednesday, hitting $37.72. 550,850 shares of the company traded hands, compared to its average volume of 2,909,694. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.85 and a current ratio of 0.94. The business has a 50-day simple moving average of $37.96 and a 200 day simple moving average of $38.55. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $41.85. The stock has a market capitalization of $37.72 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 3.21 and a beta of 0.75.
TC Energy (NYSE:TRP – Get Free Report) TSE: TRP last announced its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The company had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.12 billion. Research analysts expect that TC Energy Co. will post 2.99 earnings per share for the current fiscal year.
TC Energy Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.53%. TC Energy’s dividend payout ratio is currently 145.88%.
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.
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