Intech Investment Management LLC Reduces Stake in TC Energy Corporation $TRP

Intech Investment Management LLC cut its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 38.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,050 shares of the pipeline company’s stock after selling 18,578 shares during the period. Intech Investment Management LLC’s holdings in TC Energy were worth $1,634,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Campbell & CO Investment Adviser LLC bought a new stake in shares of TC Energy during the 3rd quarter valued at about $1,391,000. Advisors Asset Management Inc. lifted its holdings in 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 buying an additional 24,617 shares during the period. Norges Bank purchased a new stake in TC Energy in the second quarter worth about $493,434,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in TC Energy by 9.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company’s stock valued at $74,297,000 after acquiring an additional 115,000 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in shares of TC Energy by 19.2% during the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company’s stock worth $20,562,000 after acquiring an additional 61,013 shares during the period. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 0.5%

NYSE:TRP opened at $63.87 on Friday. The firm has a 50-day simple moving average of $58.60 and a two-hundred day simple moving average of $54.86. The firm has a market cap of $66.50 billion, a P/E ratio of 27.48 and a beta of 0.72. TC Energy Corporation has a fifty-two week low of $43.59 and a fifty-two week high of $65.57. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, beating 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 firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. Analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s dividend payout ratio is 110.78%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRP. Morgan Stanley restated an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a report on Tuesday, February 17th. TD Securities cut shares of TC Energy from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Royal Bank Of Canada upped their target price on shares of TC Energy from $84.00 to $92.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 17th. Finally, National Bank Financial cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $72.50.

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.