Financial Advocates Investment Management Sells 413 Shares of TC Energy Co. (NYSE:TRP)

Financial Advocates Investment Management decreased its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 6.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,449 shares of the pipeline company’s stock after selling 413 shares during the period. Financial Advocates Investment Management’s holdings in TC Energy were worth $244,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors raised its position in shares of TC Energy by 2.7% in the first quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after purchasing an additional 1,492,315 shares during the period. Capital International Investors lifted its holdings in TC Energy by 11.8% during the 4th quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after purchasing an additional 5,822,056 shares in the last quarter. Vanguard Group Inc. boosted its stake in TC Energy by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock worth $1,650,505,000 after purchasing an additional 653,031 shares during the period. Capital World Investors grew its holdings in TC Energy by 0.5% during the 4th quarter. Capital World Investors now owns 37,412,046 shares of the pipeline company’s stock valued at $1,461,583,000 after buying an additional 181,091 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of TC Energy by 13.7% in the fourth quarter. Bank of Nova Scotia now owns 28,980,334 shares of the pipeline company’s stock worth $1,132,854,000 after buying an additional 3,497,666 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Stock Performance

NYSE:TRP opened at $45.75 on Friday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. TC Energy Co. has a fifty-two week low of $32.51 and a fifty-two week high of $45.83. The business has a 50 day moving average price of $41.31 and a 200-day moving average price of $39.54. The firm has a market cap of $47.46 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 3.73 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the prior year, the firm posted $0.71 earnings per share. Equities research analysts predict that TC Energy Co. will post 3.05 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.702 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 6.14%. TC Energy’s dividend payout ratio is 144.85%.

Analyst Upgrades and Downgrades

Separately, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, TC Energy has a consensus rating of “Hold” and a consensus price target of $44.67.

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 93,600 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.