Russell Investments Group Ltd. Trims Position in TC Energy Corporation $TRP

Russell Investments Group Ltd. lowered its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 15.5% during the second quarter, Holdings Channel reports. The fund owned 1,475,402 shares of the pipeline company’s stock after selling 271,634 shares during the quarter. Russell Investments Group Ltd.’s holdings in TC Energy were worth $97,710,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. GQG Partners LLC raised its holdings in TC Energy by 586.5% in the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock valued at $890,711,000 after acquiring an additional 13,801,371 shares during the last quarter. Norges Bank acquired a new stake in shares of TC Energy during the fourth quarter worth $583,732,000. Deutsche Bank AG boosted its holdings in shares of TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock worth $846,288,000 after purchasing an additional 5,956,263 shares during the last quarter. BROOKFIELD Corp ON purchased a new stake in shares of TC Energy in the second quarter valued at $78,443,000. Finally, TD Asset Management Inc grew its position in shares of TC Energy by 6.3% in the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock valued at $1,150,656,000 after purchasing an additional 1,244,525 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

TRP opened at $64.00 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47. The company has a 50 day moving average of $67.53 and a two-hundred day moving average of $65.06. The company has a market cap of $66.68 billion, a P/E ratio of 26.56 and a beta of 0.66.

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

TC Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s dividend payout ratio is 102.49%.

Analysts Set New Price Targets

Several equities analysts recently commented on TRP shares. Barclays reiterated an “overweight” rating on shares of TC Energy in a research note on Thursday, July 16th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Tuesday, July 21st. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. Royal Bank Of Canada increased their price objective on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, TC Energy presently has a consensus rating of “Moderate Buy” and a consensus 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.