Moody National Bank Trust Division trimmed its position in shares of TC Energy Co. (NYSE:TRP – Get Rating) (TSE:TRP) by 64.0% during the second quarter, HoldingsChannel.com reports. The firm owned 6,188 shares of the pipeline company’s stock after selling 11,000 shares during the period. Moody National Bank Trust Division’s holdings in TC Energy were worth $321,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Capital World Investors lifted its stake in shares of TC Energy by 66.3% in the first quarter. Capital World Investors now owns 56,475,561 shares of the pipeline company’s stock worth $3,185,453,000 after acquiring an additional 22,507,712 shares during the period. Capital Research Global Investors lifted its stake in shares of TC Energy by 3.1% in the first quarter. Capital Research Global Investors now owns 40,904,876 shares of the pipeline company’s stock worth $2,307,088,000 after acquiring an additional 1,225,016 shares during the period. Capital International Investors lifted its stake in shares of TC Energy by 14.0% in the fourth quarter. Capital International Investors now owns 33,803,122 shares of the pipeline company’s stock worth $1,572,565,000 after acquiring an additional 4,155,520 shares during the period. Vanguard Group Inc. lifted its stake in shares of TC Energy by 3.1% in the first quarter. Vanguard Group Inc. now owns 33,256,822 shares of the pipeline company’s stock worth $1,876,349,000 after acquiring an additional 993,965 shares during the period. Finally, Bank of Nova Scotia lifted its stake in shares of TC Energy by 32.9% in the first quarter. Bank of Nova Scotia now owns 22,350,592 shares of the pipeline company’s stock worth $1,260,463,000 after acquiring an additional 5,528,468 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms recently commented on TRP. Barclays cut their price objective on TC Energy from C$71.00 to C$67.00 in a research note on Wednesday, July 20th. BMO Capital Markets cut their price objective on TC Energy from C$76.00 to C$72.00 in a research note on Thursday, August 11th. US Capital Advisors reissued a “hold” rating on shares of TC Energy in a research note on Wednesday, June 1st. Scotiabank reduced their price objective on shares of TC Energy from C$78.00 to C$76.00 in a research report on Friday, July 29th. Finally, Royal Bank of Canada dropped their target price on shares of TC Energy from C$79.00 to C$78.00 in a research report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $68.83.
TC Energy Stock Up 1.3 %
TC Energy Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.699 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date of this dividend is Thursday, September 29th. TC Energy’s dividend payout ratio is currently 110.28%.
TC Energy Profile
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 Storage. The company builds and operates 93,300 km network 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.
- Get a free copy of the StockNews.com research report on TC Energy (TRP)
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