Financial Advocates Investment Management Sells 413 Shares of TC Energy Co. (NYSE:TRP)

Financial Advocates Investment Management reduced its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 6.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,449 shares of the pipeline company’s stock after selling 413 shares during the period. Financial Advocates Investment Management’s holdings in TC Energy were worth $244,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TRP. EdgeRock Capital LLC purchased a new position in shares of TC Energy in the 4th quarter worth $25,000. Creekmur Asset Management LLC bought a new stake in shares of TC Energy in the 4th quarter valued at approximately $27,000. Glassman Wealth Services increased its position in shares of TC Energy by 61.0% during the 4th quarter. Glassman Wealth Services now owns 726 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 275 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in TC Energy during the 4th quarter valued at $31,000. Finally, Mather Group LLC. bought a new stake in TC Energy in the second quarter worth $33,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, TC Energy presently has a consensus rating of “Hold” and an average price target of $44.67.

TC Energy Stock Up 0.6 %

Shares of TRP opened at $45.75 on Friday. The firm has a market capitalization of $47.46 billion, a P/E ratio of 23.58, a P/E/G ratio of 3.73 and a beta of 0.79. TC Energy Co. has a 12-month low of $32.51 and a 12-month high of $45.83. The firm has a fifty day moving average price of $41.31 and a 200-day moving average price of $39.54. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.29. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. During the same period in the previous year, the company earned $0.71 EPS. Equities research analysts expect that TC Energy Co. will post 3.05 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 6.14%. TC Energy’s dividend payout ratio (DPR) is presently 144.85%.

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.