TC Energy Co. (NYSE:TRP) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC trimmed its stake in shares of TC Energy Co. (NYSE:TRPGet Rating) (TSE:TRP) by 98.5% in the first quarter, Holdings Channel reports. The fund owned 14,837 shares of the pipeline company’s stock after selling 991,076 shares during the period. Verition Fund Management LLC’s holdings in TC Energy were worth $837,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors lifted its position in TC Energy by 66.3% during the 1st quarter. Capital World Investors now owns 56,475,561 shares of the pipeline company’s stock worth $3,185,453,000 after acquiring an additional 22,507,712 shares during the period. Capital Research Global Investors raised its stake in shares of TC Energy by 3.1% during the 1st quarter. Capital Research Global Investors now owns 40,904,876 shares of the pipeline company’s stock worth $2,307,088,000 after buying an additional 1,225,016 shares in the last quarter. Capital International Investors raised its stake in shares of TC Energy by 14.0% during the 4th quarter. Capital International Investors now owns 33,803,122 shares of the pipeline company’s stock worth $1,572,565,000 after buying an additional 4,155,520 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of TC Energy by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 33,256,822 shares of the pipeline company’s stock worth $1,876,349,000 after buying an additional 993,965 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of TC Energy by 32.9% during the 1st quarter. Bank of Nova Scotia now owns 22,350,592 shares of the pipeline company’s stock worth $1,260,463,000 after buying an additional 5,528,468 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

TC Energy stock opened at $46.61 on Thursday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.57 and a current ratio of 0.64. The stock has a fifty day moving average of $50.23 and a two-hundred day moving average of $53.59. The company has a market capitalization of $47.17 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 3.70 and a beta of 0.73. TC Energy Co. has a fifty-two week low of $44.77 and a fifty-two week high of $59.38.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.699 per share. This represents a $2.80 annualized dividend and a yield of 6.00%. The ex-dividend date is Thursday, September 29th. TC Energy’s payout ratio is 110.28%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TRP shares. Royal Bank of Canada cut their target price on TC Energy from C$79.00 to C$78.00 in a research note on Tuesday, August 2nd. Barclays cut their target price on TC Energy from C$71.00 to C$67.00 in a research note on Wednesday, July 20th. US Capital Advisors reaffirmed a “hold” rating on shares of TC Energy in a research note on Wednesday, June 1st. BMO Capital Markets dropped their price objective on TC Energy from C$76.00 to C$72.00 in a research note on Thursday, August 11th. Finally, Scotiabank dropped their price objective on TC Energy from C$78.00 to C$76.00 in a research note on Friday, July 29th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, TC Energy has an average rating of “Hold” and a consensus target price of $68.83.

About TC Energy

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TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Storage. The company builds and operates 93,300 km network of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.

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Institutional Ownership by Quarter for TC Energy (NYSE:TRP)

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