Public Sector Pension Investment Board Sells 2,579,700 Shares of TC Energy Corporation $TRP

Public Sector Pension Investment Board lowered its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 96.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,872 shares of the pipeline company’s stock after selling 2,579,700 shares during the quarter. Public Sector Pension Investment Board’s holdings in TC Energy were worth $5,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC acquired a new stake in TC Energy during the 3rd quarter worth about $1,391,000. Norges Bank acquired a new position in shares of TC Energy in the second quarter valued at about $493,434,000. Advisors Asset Management Inc. raised its stake in shares of TC Energy by 38.8% in the third quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock worth $4,796,000 after purchasing an additional 24,617 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of TC Energy by 9.2% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company’s stock worth $74,297,000 after purchasing an additional 115,000 shares during the period. Finally, Ausbil Investment Management Ltd lifted its holdings in shares of TC Energy by 33.2% during the third quarter. Ausbil Investment Management Ltd now owns 100,519 shares of the pipeline company’s stock worth $5,415,000 after purchasing an additional 25,026 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

TRP opened at $62.51 on Friday. The firm has a fifty day moving average price of $56.81 and a 200 day moving average price of $53.90. TC Energy Corporation has a 1 year low of $43.59 and a 1 year high of $63.94. The stock has a market cap of $65.09 billion, a P/E ratio of 26.90 and a beta of 0.73. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.63 and a quick ratio of 0.56.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations 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 previous year, the company earned $1.05 earnings per share. Equities research analysts anticipate 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. Investors of record on Tuesday, March 31st will be paid a $0.8775 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. This is a boost from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s dividend payout ratio (DPR) is presently 106.90%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of TC Energy from $48.00 to $53.00 and gave the stock a “sell” rating in a report on Wednesday. Wells Fargo & Company reiterated an “overweight” rating on shares of TC Energy in a research note on Monday. Morgan Stanley restated an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. Raymond James Financial raised shares of TC Energy to a “hold” rating in a report on Tuesday. Finally, National Bank Financial lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Hold” and a consensus target price of $72.50.

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.