1832 Asset Management L.P. Cuts Stock Position in TC Energy Corporation $TRP

1832 Asset Management L.P. trimmed its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 0.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,223,225 shares of the pipeline company’s stock after selling 55,359 shares during the period. TC Energy comprises about 0.5% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 21st biggest position. 1832 Asset Management L.P. owned about 1.37% of TC Energy worth $693,951,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TRP. Hilltop National Bank bought a new stake in TC Energy during the 2nd quarter valued at approximately $32,000. Harbor Asset Planning Inc. bought a new position in TC Energy in the 2nd quarter worth approximately $43,000. Truvestments Capital LLC purchased a new stake in TC Energy during the 1st quarter valued at approximately $45,000. SouthState Corp raised its position in shares of TC Energy by 2,757.1% during the second quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after buying an additional 965 shares during the last quarter. Finally, SVB Wealth LLC bought a new stake in shares of TC Energy during the first quarter valued at approximately $72,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Down 0.7%

TRP stock opened at $53.83 on Wednesday. TC Energy Corporation has a twelve month low of $43.51 and a twelve month high of $55.37. The stock has a market capitalization of $56.02 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 4.82 and a beta of 0.73. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The firm’s fifty day simple moving average is $52.83 and its two-hundred day simple moving average is $50.83.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.56. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $2.63 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter last year, the business earned $1.03 EPS. As a group, analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 6.3%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio (DPR) is presently 103.88%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TRP shares. Citigroup restated a “neutral” rating on shares of TC Energy in a research report on Thursday, November 20th. Cibc World Mkts downgraded shares of TC Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a research report on Friday, November 7th. TD Securities reaffirmed a “buy” rating on shares of TC Energy in a report on Friday, October 17th. Finally, Royal Bank Of Canada boosted their target price on TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.