Cresset Asset Management LLC Has $210,000 Position in TC Energy Corporation $TRP

Cresset Asset Management LLC lessened its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 24.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 4,440 shares of the pipeline company’s stock after selling 1,451 shares during the period. Cresset Asset Management LLC’s holdings in TC Energy were worth $210,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TRP. American Century Companies Inc. increased its position in TC Energy by 1.6% in the 1st quarter. American Century Companies Inc. now owns 250,870 shares of the pipeline company’s stock worth $11,847,000 after buying an additional 4,015 shares during the period. Fox Run Management L.L.C. bought a new position in TC Energy during the first quarter worth $1,884,000. Caitong International Asset Management Co. Ltd acquired a new position in TC Energy during the 1st quarter valued at $273,000. Gulf International Bank UK Ltd boosted its holdings in TC Energy by 2,638.4% in the 1st quarter. Gulf International Bank UK Ltd now owns 59,478 shares of the pipeline company’s stock valued at $2,808,000 after purchasing an additional 57,306 shares during the period. Finally, Prudential PLC grew its position in TC Energy by 5.2% in the 1st quarter. Prudential PLC now owns 6,536 shares of the pipeline company’s stock worth $309,000 after purchasing an additional 326 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Up 0.3%

NYSE TRP opened at $50.92 on Wednesday. TC Energy Corporation has a 1-year low of $40.76 and a 1-year high of $52.10. The company has a market capitalization of $52.96 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 4.86 and a beta of 0.75. The stock’s 50 day moving average is $48.65 and its two-hundred day moving average is $48.34. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period in the prior year, the firm posted $0.79 EPS. Equities analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. The ex-dividend date of this dividend is Monday, September 29th. This is a boost from TC Energy’s previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.8%. TC Energy’s dividend payout ratio (DPR) is 85.32%.

Wall Street Analysts Forecast Growth

TRP has been the subject of several research reports. US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a report on Friday, May 2nd. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

About TC Energy

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.