TC Energy Corporation $TRP Stock Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 10.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,439 shares of the pipeline company’s stock after selling 13,295 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $7,576,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of TC Energy during the 4th quarter valued at approximately $25,000. Sterling Capital Management LLC bought a new position in TC Energy during the first quarter worth $26,000. McIlrath & Eck LLC acquired a new position in TC Energy in the fourth quarter worth $32,000. SWAN Capital LLC acquired a new position in TC Energy in the third quarter worth $40,000. Finally, Glen Eagle Advisors LLC bought a new stake in TC Energy during the fourth quarter valued at $44,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Up 1.4%

TRP stock opened at $64.00 on Friday. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47. The company has a market capitalization of $66.68 billion, a price-to-earnings ratio of 26.56 and a beta of 0.66. The firm’s 50-day moving average is $67.53 and its two-hundred day moving average is $65.06. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period in the prior year, the business posted $0.82 EPS. On average, analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a yield of 5.5%. TC Energy’s payout ratio is presently 103.73%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TRP shares. The Goldman Sachs Group raised shares of TC Energy from a “sell” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $62.00 in a report on Monday, April 20th. National Bank Financial upgraded TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. TD Securities reaffirmed a “hold” rating on shares of TC Energy in a report on Thursday, July 16th. BMO Capital Markets reaffirmed an “outperform” rating and set a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. Finally, Royal Bank Of Canada boosted their price objective on TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.00.

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.