TC Energy Corporation $TRP Holdings Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 905,452 shares of the pipeline company’s stock after selling 30,782 shares during the period. Bank of New York Mellon Corp owned about 0.09% of TC Energy worth $56,681,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in shares of TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock valued at $538,000 after buying an additional 3,892 shares during the last quarter. Focus Partners Wealth increased its holdings in TC Energy by 46.1% in the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock worth $588,000 after buying an additional 3,929 shares during the last quarter. Intech Investment Management LLC increased its holdings in TC Energy by 200.7% in the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock worth $1,269,000 after buying an additional 17,939 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in TC Energy by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock valued at $181,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Guggenheim Capital LLC raised its position in TC Energy by 9.9% during the second quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock valued at $818,000 after acquiring an additional 1,511 shares in the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TRP. Barclays restated an “overweight” rating on shares of TC Energy in a research note on Thursday, July 16th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research report on Tuesday. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Royal Bank Of Canada boosted their target price on TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Finally, TD Securities reaffirmed a “hold” rating on shares of TC Energy in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Stock Performance

Shares of NYSE TRP opened at $69.86 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average is $68.56 and its two-hundred day moving average is $63.88. The company has a market cap of $72.79 billion, a P/E ratio of 30.32 and a beta of 0.66. TC Energy Corporation has a 12 month low of $46.61 and a 12 month high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the business earned $0.95 earnings per share. On average, equities analysts expect that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.0%. TC Energy’s dividend payout ratio is currently 107.39%.

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.