Truist Financial Corp Cuts Stock Holdings in TC Energy Corporation $TRP

Truist Financial Corp cut its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,678 shares of the pipeline company’s stock after selling 14,934 shares during the period. Truist Financial Corp’s holdings in TC Energy were worth $11,463,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hilltop National Bank purchased a new position in shares of TC Energy in the 2nd quarter valued at about $32,000. Harbor Asset Planning Inc. acquired a new position in TC Energy during the 2nd quarter worth approximately $43,000. Sagard Holdings Management Inc. acquired a new position in TC Energy during the 2nd quarter worth approximately $46,000. SouthState Corp increased its position in shares of 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 purchasing an additional 965 shares during the last quarter. Finally, City Holding Co. acquired a new stake in shares of TC Energy in the 3rd quarter valued at $72,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. TD Securities reiterated a “buy” rating on shares of TC Energy in a research note on Friday, October 17th. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a research note on Friday, November 7th. Citigroup reaffirmed a “neutral” rating on shares of TC Energy in a report on Thursday, November 20th. Barclays reiterated an “overweight” rating on shares of TC Energy in a research note on Tuesday, October 14th. Finally, Royal Bank Of Canada boosted their price objective on shares of 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, eight have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

TC Energy Price Performance

Shares of NYSE:TRP opened at $58.65 on Friday. TC Energy Corporation has a one year low of $43.51 and a one year high of $59.44. The stock has a market capitalization of $61.04 billion, a price-to-earnings ratio of 25.28 and a beta of 0.72. The company has a 50-day simple moving average of $54.91 and a 200-day simple moving average of $52.65. 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 issued its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.56. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.During the same quarter in the previous year, the firm posted $1.03 EPS. On average, analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were given a $0.85 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date was Wednesday, December 31st. This represents a $3.40 dividend on an annualized basis and a yield of 5.8%. TC Energy’s payout ratio is 106.90%.

TC Energy Company 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.