TC Energy Corporation $TRP Shares Sold by Pinnbrook Capital Management LP

Pinnbrook Capital Management LP trimmed its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 78.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,903 shares of the pipeline company’s stock after selling 254,619 shares during the period. Pinnbrook Capital Management LP’s holdings in TC Energy were worth $3,459,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Allianz SE acquired a new position in TC Energy in the 2nd quarter valued at about $7,445,000. Geode Capital Management LLC raised its position in shares of TC Energy by 21.2% during the 2nd quarter. Geode Capital Management LLC now owns 8,189,585 shares of the pipeline company’s stock valued at $401,483,000 after buying an additional 1,432,270 shares during the period. Vise Technologies Inc. acquired a new position in TC Energy in the second quarter valued at approximately $507,000. Allworth Financial LP lifted its holdings in TC Energy by 31.7% in the second quarter. Allworth Financial LP now owns 1,848 shares of the pipeline company’s stock valued at $90,000 after acquiring an additional 445 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in TC Energy by 5.6% in the second quarter. ProShare Advisors LLC now owns 110,091 shares of the pipeline company’s stock worth $5,375,000 after acquiring an additional 5,796 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of TC Energy stock opened at $55.17 on Friday. The business has a 50-day simple moving average of $52.41 and a 200-day simple moving average of $50.46. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. 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 $57.41 billion, a PE ratio of 18.83, a P/E/G ratio of 4.82 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter last year, the company earned $1.03 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 company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.2%. TC Energy’s payout ratio is presently 103.88%.

Analysts Set New Price Targets

Several equities analysts have recently commented on TRP shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TC Energy in a research note on Thursday. Cibc World Mkts cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Cibc Captl Mkts raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Finally, TD Securities restated a “buy” rating on shares of TC Energy in a report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

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.