NewEdge Advisors LLC Has $2.76 Million Stock Position in TC Energy Corporation $TRP

NewEdge Advisors LLC cut its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 20.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,072 shares of the pipeline company’s stock after selling 11,318 shares during the period. NewEdge Advisors LLC’s holdings in TC Energy were worth $2,759,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in TC Energy during the 4th quarter valued at about $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy in the first quarter worth approximately $26,000. McIlrath & Eck LLC bought a new position in shares of TC Energy in the fourth quarter valued at approximately $32,000. SWAN Capital LLC purchased a new position in shares of TC Energy during the third quarter valued at approximately $40,000. Finally, Glen Eagle Advisors LLC purchased a new position in shares of TC Energy during the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of TRP opened at $63.11 on Friday. The stock has a 50 day moving average of $67.62 and a 200 day moving average of $65.07. The company has a market capitalization of $65.76 billion, a price-to-earnings ratio of 26.19 and a beta of 0.66. TC Energy Corporation has a 12 month low of $49.27 and a 12 month high of $71.47. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same quarter in the previous year, the firm earned $0.82 earnings per share. As a group, sell-side analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s payout ratio is 102.49%.

Wall Street Analyst Weigh In

A number of research firms recently commented on TRP. Weiss Ratings reissued a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. Royal Bank Of Canada lifted their price objective on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and increased their target price for the company from $53.00 to $62.00 in a report on Monday, April 20th. Finally, Scotiabank reissued an “outperform” rating on shares of TC Energy in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Company 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.