TC Energy Corporation (NYSE:TRP) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management trimmed its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,949 shares of the pipeline company’s stock after selling 2,008 shares during the quarter. Ritholtz Wealth Management’s holdings in TC Energy were worth $1,036,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. BROOKFIELD Corp ON lifted its holdings in shares of TC Energy by 31.6% in the 4th quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company’s stock valued at $87,950,000 after buying an additional 454,011 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of TC Energy by 7.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company’s stock valued at $10,463,000 after buying an additional 16,334 shares during the period. AXA S.A. lifted its holdings in shares of TC Energy by 28.4% in the 4th quarter. AXA S.A. now owns 142,095 shares of the pipeline company’s stock valued at $6,612,000 after buying an additional 31,441 shares during the period. Cinctive Capital Management LP lifted its holdings in shares of TC Energy by 12.3% in the 4th quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company’s stock valued at $9,042,000 after buying an additional 21,243 shares during the period. Finally, Guardian Partners Inc. acquired a new stake in shares of TC Energy in the 4th quarter valued at approximately $8,614,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRP has been the subject of several recent analyst reports. Veritas raised TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a report on Friday, May 2nd. Citigroup initiated coverage on TC Energy in a report on Friday, April 4th. They set a “neutral” rating for the company. Wall Street Zen cut TC Energy from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Finally, Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Stock Performance

NYSE TRP opened at $48.26 on Wednesday. TC Energy Corporation has a fifty-two week low of $37.07 and a fifty-two week high of $51.99. The stock has a market cap of $50.17 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 4.73 and a beta of 0.78. The business has a fifty day moving average of $49.57 and a 200-day moving average of $47.69. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period last year, the firm earned $1.02 earnings per share. As a group, analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a $0.6142 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.09%. TC Energy’s dividend payout ratio (DPR) is 77.89%.

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 93,600 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.