Maryland State Retirement & Pension System Decreases Stake in TC Energy Corporation $TRP

Maryland State Retirement & Pension System reduced its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,299,068 shares of the pipeline company’s stock after selling 71,007 shares during the period. TC Energy accounts for about 1.5% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 12th biggest position. Maryland State Retirement & Pension System’s holdings in TC Energy were worth $71,568,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of TC Energy in the fourth quarter worth about $25,000. Trust Co. of Vermont bought a new stake in TC Energy during the fourth quarter worth approximately $28,000. McIlrath & Eck LLC bought a new stake in TC Energy during the fourth quarter worth approximately $32,000. SWAN Capital LLC bought a new stake in TC Energy during the third quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC increased its stake in TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock worth $43,000 after acquiring an additional 565 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on TRP. Raymond James Financial raised TC Energy to a “hold” rating in a research note on Tuesday, February 17th. Morgan Stanley cut TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings cut TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Finally, The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.50.

TC Energy Trading Down 0.3%

TRP opened at $68.88 on Wednesday. The stock has a market cap of $68.88 billion, a price-to-earnings ratio of 29.90 and a beta of 0.66. The stock’s 50 day moving average price is $65.91 and its 200-day moving average price is $61.29. TC Energy Corporation has a one year low of $46.29 and a one year high of $71.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.During the same quarter in the prior year, the firm posted $0.95 earnings per share. On average, equities analysts forecast that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.1%. TC Energy’s dividend payout ratio is currently 109.57%.

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.