Principal Financial Group Inc. Trims Stake in TC Energy Co. (NYSE:TRP)

Principal Financial Group Inc. reduced its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 5.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,184 shares of the pipeline company’s stock after selling 3,131 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $1,949,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Birch Capital Management LLC grew its stake in TC Energy by 0.8% in the 1st quarter. Birch Capital Management LLC now owns 36,707 shares of the pipeline company’s stock worth $1,428,000 after acquiring an additional 306 shares in the last quarter. Cetera Advisor Networks LLC grew its stake in TC Energy by 6.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 5,664 shares of the pipeline company’s stock worth $320,000 after acquiring an additional 323 shares in the last quarter. Pinnacle Financial Partners Inc. grew its stake in TC Energy by 3.6% in the 1st quarter. Pinnacle Financial Partners Inc. now owns 10,217 shares of the pipeline company’s stock worth $398,000 after acquiring an additional 351 shares in the last quarter. SG Americas Securities LLC grew its stake in TC Energy by 14.2% in the 1st quarter. SG Americas Securities LLC now owns 2,873 shares of the pipeline company’s stock worth $112,000 after acquiring an additional 358 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in TC Energy by 11.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,584 shares of the pipeline company’s stock worth $141,000 after acquiring an additional 380 shares in the last quarter. 73.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of research analyst reports. TD Securities downgraded shares of TC Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $62.00 to $50.00 in a research note on Friday, July 28th. StockNews.com initiated coverage on shares of TC Energy in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada dropped their price objective on shares of TC Energy from $65.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, July 31st. National Bank Financial upgraded shares of TC Energy from a “sector perform” rating to an “outperform” rating in a research note on Friday, July 28th. Finally, TheStreet downgraded shares of TC Energy from a “b-” rating to a “c” rating in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.06.

TC Energy Trading Up 0.8 %

NYSE:TRP opened at $36.41 on Tuesday. TC Energy Co. has a 52 week low of $33.02 and a 52 week high of $49.57. The firm has a 50 day moving average of $37.37 and a 200 day moving average of $39.33. The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $37.77 billion, a price-to-earnings ratio of 50.57, a PEG ratio of 2.86 and a beta of 0.84.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, July 27th. The pipeline company reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.02). The firm had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.74 billion. TC Energy had a net margin of 6.89% and a return on equity of 13.80%. As a group, sell-side analysts anticipate that TC Energy Co. will post 3.19 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.702 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 7.71%. This is a boost from TC Energy’s previous quarterly dividend of $0.69. TC Energy’s dividend payout ratio (DPR) is currently 388.89%.

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 Energy Solutions. The company builds and operates a network of 93,700 kilometers 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.