TC Energy Corporation $TRP Stock: Pictet Asset Management Holding SA Lowers Position

Pictet Asset Management Holding SA lowered its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 2.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 385,031 shares of the pipeline company’s stock after selling 11,140 shares during the quarter. Pictet Asset Management Holding SA’s holdings in TC Energy were worth $22,344,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Vermont purchased a new position in shares of TC Energy in the 2nd quarter worth about $33,000. Halbert Hargrove Global Advisors LLC purchased a new position in shares of TC Energy during the 3rd quarter valued at about $35,000. Provenance Wealth Advisors LLC purchased a new position in shares of TC Energy during the 3rd quarter valued at about $48,000. Aberdeen Wealth Management LLC purchased a new position in shares of TC Energy during the 2nd quarter valued at about $51,000. Finally, Western Wealth Management LLC bought a new stake in TC Energy in the 1st quarter worth approximately $55,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Up 1.3%

TRP opened at $64.27 on Thursday. The company has a market cap of $64.27 billion, a P/E ratio of 23.89 and a beta of 0.64. The business’s 50-day moving average price is $61.40 and its 200-day moving average price is $63.97. The company has a current ratio of 0.57, a quick ratio of 0.49 and a debt-to-equity ratio of 1.61. TC Energy Corporation has a 12 month low of $52.71 and a 12 month high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.03. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.79 billion. TC Energy had a return on equity of 11.67% and a net margin of 25.05%. During the same period in the prior year, the business posted $0.77 EPS. On average, equities analysts expect that TC Energy Corporation will post 2.81 EPS for the current year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Shareholders of record on Thursday, December 31st will be paid a C$0.88 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Thursday, December 31st. TC Energy’s payout ratio is 93.31%.

Wall Street Analyst Weigh In

TRP has been the subject of several research reports. Royal Bank Of Canada reaffirmed a “moderate buy” rating and issued a $106.00 target price on shares of TC Energy in a research note on Friday, September 11th. Canadian Imperial Bank of Commerce set a $99.00 price target on shares of TC Energy in a research note on Thursday, October 22nd. US Capital Advisors raised shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. TD Securities restated a “buy” rating on shares of TC Energy in a report on Friday, October 16th. Finally, Jefferies Financial Group raised shares of TC Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.75.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers. The company’s pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario. Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.