Connor Clark & Lunn Investment Management Ltd. Trims Stock Holdings in TC Energy Corporation $TRP

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 5.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,859,156 shares of the pipeline company’s stock after selling 559,702 shares during the quarter. TC Energy comprises 1.5% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 9th biggest position. Connor Clark & Lunn Investment Management Ltd. owned 0.85% of TC Energy worth $432,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hilltop National Bank bought a new stake in TC Energy in the second quarter valued at approximately $32,000. Harbor Asset Planning Inc. bought a new position in shares of TC Energy during the second quarter worth $43,000. TruNorth Capital Management LLC acquired a new position in shares of TC Energy in the 1st quarter valued at $45,000. Truvestments Capital LLC acquired a new position in shares of TC Energy in the 1st quarter valued at $45,000. Finally, SouthState Corp increased its position in shares of TC Energy by 2,757.1% in the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after buying an additional 965 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Up 3.4%

Shares of TC Energy stock opened at $52.18 on Friday. The firm has a market cap of $54.29 billion, a PE ratio of 17.81, a P/E/G ratio of 4.82 and a beta of 0.73. The business’s 50 day simple moving average is $52.17 and its 200 day simple moving average is $50.31. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52-week low of $43.51 and a 52-week high of $55.37.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same period last year, the business earned $1.03 EPS. On average, analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 6.5%. This is an increase from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Wednesday, December 31st. TC Energy’s payout ratio is 84.30%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen cut TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Weiss Ratings lowered TC Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Cibc Captl Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday. US Capital Advisors lowered shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. Finally, Cibc World Mkts cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

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.