Mufg Securities Canada LTD. Lowers Stock Position in TC Energy Corporation $TRP

Mufg Securities Canada LTD. trimmed its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.9% in the third quarter, according to its most recent filing with the SEC. The firm owned 4,670,848 shares of the pipeline company’s stock after selling 91,602 shares during the period. TC Energy makes up about 7.1% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 3rd biggest position. Mufg Securities Canada LTD. owned 0.45% of TC Energy worth $253,934,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in TC Energy by 54.0% during the first quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after purchasing an additional 3,892 shares during the period. Focus Partners Wealth grew its stake in shares of TC Energy by 46.1% in the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after purchasing an additional 3,929 shares during the period. Intech Investment Management LLC raised its holdings in shares of TC Energy by 200.7% in the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock worth $1,269,000 after buying an additional 17,939 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of TC Energy during the 2nd quarter worth approximately $219,000. Finally, Assetmark Inc. lifted its position in shares of TC Energy by 15.9% during the 2nd quarter. Assetmark Inc. now owns 114,101 shares of the pipeline company’s stock worth $5,567,000 after buying an additional 15,667 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TRP shares. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Tuesday, February 17th. The Goldman Sachs Group upped their target price on shares of TC Energy from $48.00 to $53.00 and gave the stock a “sell” rating in a report on Wednesday, February 18th. Canadian Imperial Bank of Commerce cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. TD Securities downgraded shares of TC Energy from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Royal Bank Of Canada upped their price objective on shares of TC Energy from $84.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $72.50.

TC Energy Stock Up 2.1%

Shares of NYSE TRP opened at $64.38 on Friday. TC Energy Corporation has a 12-month low of $43.59 and a 12-month high of $64.92. The firm’s 50-day simple moving average is $57.89 and its 200 day simple moving average is $54.51. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The company has a market cap of $67.03 billion, a price-to-earnings ratio of 27.70 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the firm posted $1.05 earnings per share. On average, research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a $0.8775 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a yield of 5.5%. TC Energy’s dividend payout ratio is presently 106.90%.

TC Energy Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.