CIBC Asset Management Inc Decreases Holdings in TC Energy Corporation $TRP

CIBC Asset Management Inc cut its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,942,519 shares of the pipeline company’s stock after selling 111,236 shares during the period. TC Energy comprises approximately 1.2% of CIBC Asset Management Inc’s holdings, making the stock its 23rd largest position. CIBC Asset Management Inc owned approximately 0.86% of TC Energy worth $493,635,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TRP. AQR Capital Management LLC raised its stake in TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock valued at $538,000 after buying an additional 3,892 shares during the last quarter. Focus Partners Wealth increased its position in shares of TC Energy by 46.1% during the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after purchasing an additional 3,929 shares during the last quarter. Intech Investment Management LLC increased its position in shares of TC Energy by 200.7% during the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 17,939 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of TC Energy by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock valued at $181,000 after purchasing an additional 1,243 shares during the last quarter. Finally, Guggenheim Capital LLC increased its position in shares of TC Energy by 9.9% during the 2nd quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock valued at $818,000 after purchasing an additional 1,511 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Up 2.9%

Shares of TC Energy stock opened at $68.06 on Wednesday. TC Energy Corporation has a fifty-two week low of $46.29 and a fifty-two week 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. The company has a market capitalization of $68.06 billion, a P/E ratio of 29.54 and a beta of 0.66. The company has a fifty day moving average of $64.74 and a 200 day moving average of $60.18.

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

TC Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s dividend payout ratio (DPR) is 109.57%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TRP. Wall Street Zen raised shares of TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. BMO Capital Markets reaffirmed an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Barclays restated an “overweight” rating on shares of TC Energy in a research note on Monday, May 4th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. Finally, Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and an average price target of $78.50.

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.