Hennessy Advisors Inc. Cuts Stock Holdings in TC Energy Corporation $TRP

Hennessy Advisors Inc. decreased its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 9.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 417,800 shares of the pipeline company’s stock after selling 41,900 shares during the period. Hennessy Advisors Inc.’s holdings in TC Energy were worth $27,696,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy during the fourth quarter valued at $25,000. Sterling Capital Management LLC acquired a new stake in shares of TC Energy in the first quarter valued at approximately $26,000. McIlrath & Eck LLC acquired a new stake in shares of TC Energy in the 4th quarter worth $32,000. Trust Co. of Vermont acquired a new stake in TC Energy during the second quarter worth about $33,000. Finally, SWAN Capital LLC acquired a new stake in shares of TC Energy during the 3rd quarter worth approximately $40,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Trading Down 0.3%

Shares of TRP stock opened at $61.87 on Friday. The business’s fifty day moving average price is $66.33 and its 200 day moving average price is $65.34. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a market capitalization of $64.46 billion, a PE ratio of 25.67 and a beta of 0.66. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the business earned $0.82 earnings per share. As a group, sell-side analysts forecast that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s payout ratio is 102.49%.

Analyst Ratings Changes

Several analysts recently issued reports on TRP shares. BMO Capital Markets restated an “outperform” rating and issued a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. National Bank Financial raised TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Royal Bank Of Canada raised their price objective on shares of TC Energy from $104.00 to $106.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, TC Energy presently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

TC Energy 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.