ClearBridge Investments Ltd lowered its holdings in TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 9.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,283,508 shares of the pipeline company’s stock after selling 758,562 shares during the quarter. TC Energy accounts for about 0.9% of ClearBridge Investments Ltd’s investment portfolio, making the stock its 23rd biggest position. ClearBridge Investments Ltd’s holdings in TC Energy were worth $28,340,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of TC Energy in the 4th quarter worth about $519,894,000. Murchinson Ltd. bought a new stake in TC Energy during the 4th quarter worth about $610,033,000. National Bank of Canada FI increased its position in TC Energy by 65.1% in the 1st quarter. National Bank of Canada FI now owns 22,706,820 shares of the pipeline company’s stock valued at $882,692,000 after acquiring an additional 8,950,372 shares in the last quarter. Jarislowsky Fraser Ltd lifted its position in shares of TC Energy by 1,222.0% during the fourth quarter. Jarislowsky Fraser Ltd now owns 6,937,712 shares of the pipeline company’s stock worth $276,392,000 after purchasing an additional 6,412,929 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of TC Energy by 80.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,070,018 shares of the pipeline company’s stock worth $430,564,000 after purchasing an additional 4,950,000 shares in the last quarter. Institutional investors and hedge funds own 73.67% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Scotiabank dropped their target price on TC Energy from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. TD Securities cut shares of TC Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from $62.00 to $50.00 in a research report on Friday, July 28th. CIBC lowered TC Energy from a “sector outperform” rating to a “neutral” rating in a research report on Monday, July 24th. TheStreet cut TC Energy from a “b-” rating to a “c” rating in a research note on Friday, July 28th. Finally, National Bank Financial upgraded TC Energy from a “sector perform” rating to an “outperform” rating in a research report on Friday, July 28th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $56.83.
TC Energy Stock Performance
NYSE TRP traded up $0.49 during trading on Friday, reaching $35.97. 3,339,379 shares of the company’s stock were exchanged, compared to its average volume of 2,027,200. TC Energy Co. has a fifty-two week low of $33.02 and a fifty-two week high of $49.57. The stock has a market capitalization of $37.32 billion, a P/E ratio of 49.99, a PEG ratio of 2.78 and a beta of 0.84. The business has a 50 day moving average price of $37.01 and a 200-day moving average price of $39.20. The company has a debt-to-equity ratio of 1.78, a current ratio of 0.61 and a quick ratio of 0.52.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last released its quarterly earnings data on Thursday, July 27th. The pipeline company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.02). The company had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.74 billion. TC Energy had a net margin of 6.89% and a return on equity of 13.80%. Sell-side analysts forecast that TC Energy Co. will post 3.19 earnings per share for the current fiscal year.
TC Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a dividend of $0.702 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 7.81%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from TC Energy’s previous quarterly dividend of $0.69. TC Energy’s payout ratio is currently 390.28%.
TC Energy Company Profile
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 Energy Solutions. The company builds and operates a network of 93,700 kilometers 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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