Spirit of America Management Corp NY Lowers Stock Holdings in TC Energy Corporation $TRP

Spirit of America Management Corp NY trimmed its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 21.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,078 shares of the pipeline company’s stock after selling 16,500 shares during the quarter. Spirit of America Management Corp NY’s holdings in TC Energy were worth $2,980,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in TC Energy by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company’s stock valued at $2,096,739,000 after acquiring an additional 710,837 shares during the period. Canada Pension Plan Investment Board boosted its holdings in TC Energy by 34.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock valued at $935,627,000 after acquiring an additional 5,053,228 shares during the period. TD Asset Management Inc boosted its holdings in TC Energy by 9.3% during the 2nd quarter. TD Asset Management Inc now owns 19,074,181 shares of the pipeline company’s stock valued at $929,316,000 after acquiring an additional 1,618,441 shares during the period. Bank of Nova Scotia boosted its holdings in TC Energy by 80.3% during the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company’s stock valued at $802,164,000 after acquiring an additional 7,562,887 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock valued at $769,815,000 after acquiring an additional 15,694,336 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on TRP shares. Barclays restated an “overweight” rating on shares of TC Energy in a report on Tuesday. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. US Capital Advisors downgraded TC Energy from a “moderate buy” rating to a “hold” rating in a research report on Thursday, August 21st. Cibc World Mkts downgraded TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Finally, TD Securities reissued a “buy” rating on shares of TC Energy in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy Stock Performance

Shares of TC Energy stock opened at $51.47 on Friday. TC Energy Corporation has a one year low of $43.51 and a one year high of $55.37. The company has a market cap of $53.54 billion, a PE ratio of 17.57, a P/E/G ratio of 4.84 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The business has a 50-day simple moving average of $52.27 and a 200-day simple moving average of $49.92.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a dividend of $0.6148 per share. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.8%. TC Energy’s dividend payout ratio (DPR) is presently 84.30%.

TC Energy 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 93,600 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.