PNC Financial Services Group Inc. lowered its position in shares of TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 9.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 122,453 shares of the pipeline company’s stock after selling 12,287 shares during the quarter. PNC Financial Services Group Inc.’s holdings in TC Energy were worth $4,787,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of TRP. Norges Bank purchased a new position in shares of TC Energy during the 4th quarter valued at approximately $341,262,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of TC Energy by 70.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 16,540,018 shares of the pipeline company’s stock valued at $569,058,000 after purchasing an additional 6,840,000 shares during the period. Mufg Securities Canada LTD. acquired a new position in shares of TC Energy during the fourth quarter valued at $235,580,000. Canada Pension Plan Investment Board grew its holdings in TC Energy by 18.0% during the third quarter. Canada Pension Plan Investment Board now owns 24,574,983 shares of the pipeline company’s stock worth $849,037,000 after acquiring an additional 3,740,495 shares during the period. Finally, Blackstone Inc. boosted its position in shares of TC Energy by 540.4% in the 3rd quarter. Blackstone Inc. now owns 3,117,031 shares of the pipeline company’s stock valued at $107,257,000 after purchasing an additional 2,630,324 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.
TC Energy Price Performance
NYSE:TRP opened at $38.39 on Friday. The firm has a market cap of $38.39 billion, a price-to-earnings ratio of 19.78, a P/E/G ratio of 3.19 and a beta of 0.75. The firm’s 50-day simple moving average is $38.03 and its 200 day simple moving average is $38.48. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $41.85. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.85 and a current ratio of 0.94.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last posted its earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. The business had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.12 billion. TC Energy had a return on equity of 17.94% and a net margin of 17.23%. As a group, sell-side analysts predict that TC Energy Co. will post 2.99 earnings per share for the current year.
TC Energy Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 7.40%. The ex-dividend date of this dividend is Friday, June 28th. TC Energy’s dividend payout ratio is 143.30%.
Analyst Ratings Changes
A number of brokerages recently weighed in on TRP. Jefferies Financial Group began coverage on TC Energy in a research note on Tuesday, February 27th. They issued a “hold” rating on the stock. Barclays raised their price objective on TC Energy from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, January 29th. The Goldman Sachs Group raised their price objective on TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a research note on Friday, January 26th. Finally, TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $48.83.
Check Out Our Latest Stock Analysis on TC Energy
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.
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Source: defenseworld.net
