Capital Group Investment Management PTE. LTD. Reduces Position in TC Energy Corporation $TRP

Capital Group Investment Management PTE. LTD. trimmed its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 44.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,813 shares of the pipeline company’s stock after selling 12,071 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in TC Energy were worth $806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRP. Westside Investment Management Inc. lifted its position in TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 297 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of TC Energy by 237.4% in the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after purchasing an additional 565 shares during the period. Sagard Holdings Management Inc. acquired a new position in shares of TC Energy in the second quarter valued at about $46,000. City Holding Co. purchased a new position in shares of TC Energy in the third quarter worth about $72,000. Finally, First Horizon Corp purchased a new position in shares of TC Energy in the third quarter worth about $77,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

Shares of TC Energy stock opened at $63.31 on Tuesday. The firm has a market cap of $65.92 billion, a PE ratio of 27.24 and a beta of 0.72. TC Energy Corporation has a twelve month low of $43.59 and a twelve month high of $65.57. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The business has a 50-day moving average price of $58.91 and a 200 day moving average price of $55.08.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.94 billion. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.During the same period last year, the company earned $1.05 earnings per share. Sell-side 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 Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. TC Energy’s payout ratio is 106.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TRP shares. National Bank Financial lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. Wall Street Zen upgraded shares of TC Energy from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Raymond James Financial raised shares of TC Energy to a “hold” rating in a report on Tuesday, February 17th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $72.50.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.