Capital Group Private Client Services Inc. Trims Stock Holdings in TC Energy Corporation $TRP

Capital Group Private Client Services Inc. lowered its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 76.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 246,600 shares of the pipeline company’s stock after selling 797,749 shares during the period. Capital Group Private Client Services Inc.’s holdings in TC Energy were worth $13,409,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westside Investment Management Inc. lifted its position in TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 297 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after purchasing an additional 565 shares in the last quarter. Sagard Holdings Management Inc. bought a new position in shares of TC Energy during the second quarter valued at approximately $46,000. City Holding Co. purchased a new position in shares of TC Energy during the third quarter valued at approximately $72,000. Finally, First Horizon Corp bought a new stake in shares of TC Energy in the 3rd quarter worth approximately $77,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Royal Bank Of Canada raised their price objective on TC Energy from $84.00 to $92.00 and gave the company an “outperform” rating in a research report on Tuesday, February 17th. Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research report on Monday, February 16th. Canadian Imperial Bank of Commerce cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Morgan Stanley restated an “overweight” rating on shares of TC Energy in a report on Wednesday, January 28th. Seven investment 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. Based on data from MarketBeat, TC Energy presently has an average rating of “Hold” and a consensus target price of $72.50.

TC Energy Stock Down 0.6%

TRP stock opened at $63.31 on Tuesday. The company has a market cap of $65.92 billion, a price-to-earnings ratio of 27.24 and a beta of 0.72. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. The business’s 50-day moving average is $58.91 and its two-hundred day moving average is $55.08. TC Energy Corporation has a fifty-two week low of $43.59 and a fifty-two week high of $65.57.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

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

About TC Energy

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.