AGF Management Ltd. Sells 69,745 Shares of TC Energy Corporation $TRP

AGF Management Ltd. lessened its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 5.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,256,711 shares of the pipeline company’s stock after selling 69,745 shares during the quarter. AGF Management Ltd. owned approximately 0.12% of TC Energy worth $68,378,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new position in TC Energy in the 2nd quarter worth about $493,434,000. Public Sector Pension Investment Board grew its position in shares of TC Energy by 2,573.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock worth $130,600,000 after buying an additional 2,580,300 shares during the period. Acadian Asset Management LLC bought a new position in TC Energy in the 2nd quarter worth about $104,628,000. Picton Mahoney Asset Management purchased a new position in shares of TC Energy in the second quarter worth $100,398,000. Finally, Nicola Wealth Management LTD. boosted its holdings in shares of TC Energy by 793.7% in the third quarter. Nicola Wealth Management LTD. now owns 2,302,996 shares of the pipeline company’s stock worth $125,229,000 after buying an additional 2,045,300 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the topic of several research reports. Royal Bank Of Canada lifted their target price on TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TC Energy in a research report on Monday, December 29th. Citigroup reiterated a “neutral” rating on shares of TC Energy in a report on Thursday, November 20th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Finally, Barclays reissued an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

TC Energy Price Performance

Shares of NYSE:TRP opened at $58.65 on Monday. The company has a market cap of $61.04 billion, a P/E ratio of 25.28 and a beta of 0.73. TC Energy Corporation has a 52 week low of $43.51 and a 52 week high of $59.44. The company has a 50-day moving average price of $54.91 and a 200 day moving average price of $52.68. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.60.

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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $2.63 billion. TC Energy had a net margin of 23.86% and a return on equity of 10.61%. During the same quarter last year, the firm posted $1.03 EPS. Research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.85 per share. This is a boost 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 currently 106.90%.

About TC Energy

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.