TC Energy Corporation $TRP Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lessened its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,053,755 shares of the pipeline company’s stock after selling 698,310 shares during the quarter. TC Energy makes up approximately 1.4% of CIBC Asset Management Inc’s holdings, making the stock its 19th largest holding. CIBC Asset Management Inc owned 0.87% of TC Energy worth $492,633,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TRP. Hilltop National Bank acquired a new stake in shares of TC Energy during the 2nd quarter worth about $32,000. Harbor Asset Planning Inc. acquired a new stake in TC Energy during the second quarter worth approximately $43,000. Sagard Holdings Management Inc. purchased a new stake in TC Energy in the 2nd quarter worth approximately $46,000. SouthState Corp raised its holdings in TC Energy by 2,757.1% in the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after acquiring an additional 965 shares during the last quarter. Finally, City Holding Co. acquired a new position in TC Energy in the 3rd quarter valued at $72,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent analyst reports. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research report on Sunday, January 4th. Cibc Captl Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. BMO Capital Markets upgraded shares of TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday, November 7th. Finally, Barclays reissued an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

TC Energy Stock Up 2.2%

Shares of NYSE:TRP opened at $56.25 on Friday. The stock has a 50-day simple moving average of $54.54 and a 200-day simple moving average of $52.29. The stock has a market capitalization of $58.55 billion, a P/E ratio of 24.25 and a beta of 0.72. TC Energy Corporation has a 1 year low of $43.51 and a 1 year high of $56.34. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.56 and a current ratio of 0.63.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.56. TC Energy had a net margin of 23.86% and a return on equity of 10.61%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Equities analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be given a dividend of $0.85 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $3.40 dividend on an annualized basis and a yield of 6.0%. TC Energy’s dividend payout ratio is currently 106.47%.

TC Energy Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.