Raleigh Capital Management Inc. Sells 4,874 Shares of TC Energy Corporation (NYSE:TRP)

Raleigh Capital Management Inc. trimmed its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 15.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,263 shares of the pipeline company’s stock after selling 4,874 shares during the quarter. Raleigh Capital Management Inc.’s holdings in TC Energy were worth $1,240,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRP. Vanguard Group Inc. raised its holdings in TC Energy by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 43,687,141 shares of the pipeline company’s stock valued at $2,035,952,000 after buying an additional 734,678 shares during the last quarter. FIL Ltd increased its position in TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock valued at $1,325,558,000 after acquiring an additional 2,644,627 shares during the period. TD Asset Management Inc. raised its stake in shares of TC Energy by 2.1% during the fourth quarter. TD Asset Management Inc. now owns 16,437,150 shares of the pipeline company’s stock valued at $765,627,000 after acquiring an additional 344,485 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of TC Energy by 9.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company’s stock valued at $686,763,000 after acquiring an additional 1,280,000 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of TC Energy during the fourth quarter worth $428,759,000. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on TRP. Cibc World Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. Citigroup initiated coverage on TC Energy in a research report on Friday, April 4th. They issued a “neutral” rating on the stock. Finally, CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, TC Energy currently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Stock Performance

Shares of TRP opened at $48.28 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61. The firm’s fifty day simple moving average is $49.45 and its two-hundred day simple moving average is $47.76. TC Energy Corporation has a 12 month low of $37.07 and a 12 month high of $51.99. The stock has a market capitalization of $50.21 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 4.60 and a beta of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.04). TC Energy had a net margin of 29.17% and a return on equity of 11.41%. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $0.6142 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 5.09%. TC Energy’s payout ratio is currently 82.51%.

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.