TC Energy Corporation (NYSE:TRP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,500 shares of the pipeline company’s stock after selling 800 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $2,054,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its position in TC Energy by 46.3% in the 1st quarter. First Horizon Advisors Inc. now owns 5,032 shares of the pipeline company’s stock valued at $238,000 after buying an additional 1,592 shares during the last quarter. FSM Wealth Advisors LLC boosted its holdings in shares of TC Energy by 9.2% in the first quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company’s stock valued at $243,000 after acquiring an additional 432 shares in the last quarter. Wealthstar Advisors LLC purchased a new stake in shares of TC Energy in the first quarter valued at about $432,000. Allspring Global Investments Holdings LLC increased its stake in shares of TC Energy by 5.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 231,297 shares of the pipeline company’s stock worth $11,056,000 after acquiring an additional 11,322 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in TC Energy by 10.1% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,559,786 shares of the pipeline company’s stock worth $73,637,000 after purchasing an additional 143,462 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Price Performance

Shares of NYSE:TRP opened at $47.74 on Friday. The firm has a market capitalization of $49.65 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 4.59 and a beta of 0.76. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The business’s 50 day simple moving average is $48.93 and its 200-day simple moving average is $47.83. TC Energy Corporation has a 12 month low of $40.15 and a 12 month high of $51.99.

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

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $0.6142 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 annualized dividend and a dividend yield of 5.15%. TC Energy’s dividend payout ratio is presently 82.51%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TRP shares. Citigroup assumed coverage on shares of TC Energy in a research report on Friday, April 4th. They issued a “neutral” rating for the company. CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a report on Friday, May 2nd. Finally, Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.00.

TC Energy Company 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.