Russell Investments Group Ltd. Reduces Position in TC Energy Co. (NYSE:TRP)

Russell Investments Group Ltd. decreased its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,455,120 shares of the pipeline company’s stock after selling 13,994 shares during the quarter. Russell Investments Group Ltd. owned about 0.14% of TC Energy worth $58,865,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bank of Montreal Can purchased a new stake in TC Energy in the second quarter worth $2,243,924,000. Vanguard Group Inc. lifted its stake in TC Energy by 3.1% in the first quarter. Vanguard Group Inc. now owns 33,256,822 shares of the pipeline company’s stock worth $1,876,349,000 after acquiring an additional 993,965 shares during the period. Mackenzie Financial Corp lifted its position in TC Energy by 9.0% during the second quarter. Mackenzie Financial Corp now owns 19,367,269 shares of the pipeline company’s stock valued at $782,643,000 after buying an additional 1,594,538 shares during the period. 1832 Asset Management L.P. lifted its position in TC Energy by 5.5% during the first quarter. 1832 Asset Management L.P. now owns 15,586,421 shares of the pipeline company’s stock valued at $606,468,000 after buying an additional 814,017 shares during the period. Finally, Jarislowsky Fraser Ltd lifted its position in TC Energy by 9.7% during the second quarter. Jarislowsky Fraser Ltd now owns 13,588,544 shares of the pipeline company’s stock valued at $549,805,000 after buying an additional 1,200,975 shares during the period. Hedge funds and other institutional investors own 73.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TRP. Scotiabank lowered their price objective 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. The Goldman Sachs Group began coverage on TC Energy in a research report on Thursday, October 5th. They set a “sell” rating for the company. Royal Bank of Canada reduced their price target on TC Energy from $65.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, July 31st. BMO Capital Markets downgraded TC Energy from an “outperform” rating to a “market perform” rating in a report on Friday, July 28th. Finally, CIBC downgraded TC Energy from a “sector outperform” rating to a “neutral” rating in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, TC Energy currently has a consensus rating of “Hold” and an average target price of $55.17.

TC Energy Trading Up 1.6 %

Shares of NYSE:TRP opened at $36.72 on Friday. The stock has a market capitalization of $38.09 billion, a price-to-earnings ratio of -611.92, a PEG ratio of 3.28 and a beta of 0.82. The company has a debt-to-equity ratio of 43.25, a quick ratio of 0.75 and a current ratio of 0.86. The stock’s 50-day simple moving average is $35.35 and its two-hundred day simple moving average is $37.54. TC Energy Co. has a 52-week low of $32.51 and a 52-week high of $49.51.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Wednesday, November 8th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a return on equity of 18.19% and a net margin of 0.10%. Analysts expect that TC Energy Co. will post 2.76 EPS for the current year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be given a $0.67 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.68 annualized dividend and a yield of 7.30%. TC Energy’s payout ratio is -4,583.33%.

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.