TC Energy Corporation (NYSE:TRP) Stock Position Lessened by Bank of Nova Scotia Trust Co.

Bank of Nova Scotia Trust Co. cut its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 0.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 832,985 shares of the pipeline company’s stock after selling 4,041 shares during the quarter. TC Energy makes up approximately 4.2% of Bank of Nova Scotia Trust Co.’s portfolio, making the stock its 5th largest holding. Bank of Nova Scotia Trust Co. owned 0.08% of TC Energy worth $39,325,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TRP. Lowe Wealth Advisors LLC acquired a new position in TC Energy in the 1st quarter valued at about $30,000. TruNorth Capital Management LLC acquired a new position in shares of TC Energy in the first quarter valued at approximately $45,000. Golden State Wealth Management LLC lifted its stake in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company’s stock valued at $51,000 after buying an additional 742 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company’s stock valued at $55,000 after buying an additional 501 shares during the period. Finally, HM Payson & Co. acquired a new stake in TC Energy during the first quarter worth approximately $60,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the subject of several analyst reports. Citigroup assumed coverage on TC Energy in a report on Friday, April 4th. They issued a “neutral” rating for the company. Cibc World Mkts upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 2nd. Finally, CIBC upgraded TC Energy from a “neutral” rating to a “sector outperform” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Stock Up 1.1%

Shares of NYSE TRP opened at $48.39 on Friday. TC Energy Corporation has a 52-week low of $37.41 and a 52-week high of $51.99. The firm has a fifty day moving average of $48.54 and a 200-day moving average of $47.87. The stock has a market capitalization of $50.32 billion, a PE ratio of 16.52, a P/E/G ratio of 4.64 and a beta of 0.75. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.10% and a net margin of 28.98%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the firm earned $0.79 earnings per share. On average, analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio (DPR) is presently 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.