PNC Financial Services Group Inc. Sells 12,287 Shares of TC Energy Co. (NYSE:TRP)

PNC Financial Services Group Inc. cut its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 9.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,453 shares of the pipeline company’s stock after selling 12,287 shares during the period. PNC Financial Services Group Inc.’s holdings in TC Energy were worth $4,787,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Citigroup Inc. boosted its holdings in TC Energy by 10.0% in the 3rd quarter. Citigroup Inc. now owns 101,925 shares of the pipeline company’s stock valued at $3,521,000 after purchasing an additional 9,280 shares during the period. DekaBank Deutsche Girozentrale raised its position in TC Energy by 1.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 131,438 shares of the pipeline company’s stock worth $4,593,000 after purchasing an additional 1,450 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in TC Energy in the 3rd quarter worth $2,828,000. Envestnet Asset Management Inc. raised its position in TC Energy by 30.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,737,051 shares of the pipeline company’s stock worth $59,813,000 after purchasing an additional 403,071 shares during the period. Finally, Invesco Ltd. raised its position in TC Energy by 11.4% in the 3rd quarter. Invesco Ltd. now owns 2,723,651 shares of the pipeline company’s stock worth $93,721,000 after purchasing an additional 279,712 shares during the period. 83.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TRP. Jefferies Financial Group began coverage on shares of TC Energy in a research report on Tuesday, February 27th. They issued a “hold” rating on the stock. TheStreet raised shares of TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $48.83.

TC Energy Stock Down 0.2 %

TRP opened at $38.11 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.64. The firm has a 50 day moving average price of $37.69 and a 200-day moving average price of $38.75. TC Energy Co. has a twelve month low of $32.51 and a twelve month high of $41.03. The stock has a market capitalization of $38.11 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.18 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.09. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The firm had revenue of $3.15 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Equities research analysts forecast that TC Energy Co. will post 3 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 28th. This represents a $2.84 annualized dividend and a dividend yield of 7.45%. TC Energy’s payout ratio is 145.88%.

TC Energy Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.