Citigroup Inc. Acquires 61,013 Shares of TC Energy Corporation $TRP

Citigroup Inc. increased its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 19.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 378,086 shares of the pipeline company’s stock after buying an additional 61,013 shares during the period. Citigroup Inc.’s holdings in TC Energy were worth $20,562,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Westside Investment Management Inc. boosted its holdings in shares of TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 297 shares during the period. Smartleaf Asset Management LLC lifted its holdings in TC Energy by 237.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 565 shares in the last quarter. Sagard Holdings Management Inc. bought a new position in TC Energy in the 2nd quarter worth about $46,000. SouthState Corp grew its holdings in TC Energy by 2,757.1% during the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after buying an additional 965 shares in the last quarter. Finally, City Holding Co. purchased a new stake in shares of TC Energy in the third quarter worth about $72,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRP has been the subject of several recent analyst reports. TD Securities cut shares of TC Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Wall Street Zen upgraded shares of TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Morgan Stanley reiterated an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research note on Thursday, February 19th. Finally, National Bank Financial lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $72.50.

TC Energy Trading Down 0.4%

NYSE TRP opened at $63.01 on Friday. The firm has a market cap of $65.61 billion, a PE ratio of 27.11 and a beta of 0.73. TC Energy Corporation has a 1-year low of $43.59 and a 1-year high of $63.94. The stock has a 50-day moving average of $57.69 and a 200-day moving average of $54.38. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.During the same period in the previous year, the firm earned $1.05 EPS. As a group, sell-side analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s dividend 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.