Allspring Global Investments Holdings LLC Sells 19,913 Shares of TC Energy Co. (NYSE:TRP)

Allspring Global Investments Holdings LLC cut its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 6.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 269,248 shares of the pipeline company’s stock after selling 19,913 shares during the period. Allspring Global Investments Holdings LLC’s holdings in TC Energy were worth $10,204,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of TRP. Capital Research Global Investors raised its stake in TC Energy by 2.7% during the first quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock worth $2,297,701,000 after acquiring an additional 1,492,315 shares in the last quarter. Capital International Investors lifted its holdings in TC Energy by 11.8% during the 4th quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock valued at $2,155,419,000 after purchasing an additional 5,822,056 shares during the last quarter. Vanguard Group Inc. boosted its position in TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock valued at $1,650,505,000 after buying an additional 653,031 shares in the last quarter. Capital World Investors grew its stake in TC Energy by 0.5% during the fourth quarter. Capital World Investors now owns 37,412,046 shares of the pipeline company’s stock worth $1,461,583,000 after buying an additional 181,091 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in shares of TC Energy by 13.7% during the fourth quarter. Bank of Nova Scotia now owns 28,980,334 shares of the pipeline company’s stock worth $1,132,854,000 after buying an additional 3,497,666 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $44.67.

TC Energy Trading Up 1.2 %

Shares of NYSE TRP opened at $46.32 on Friday. TC Energy Co. has a 1-year low of $32.51 and a 1-year high of $46.40. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57. The company has a 50-day moving average of $41.46 and a two-hundred day moving average of $39.58. The company has a market cap of $46.32 billion, a PE ratio of 23.88, a P/E/G ratio of 3.73 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.29. The firm 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 quarter in the previous year, the company posted $0.71 EPS. As a group, equities analysts expect that TC Energy Co. will post 3.05 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a $0.702 dividend. This represents a $2.81 annualized dividend and a yield of 6.06%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio is 143.30%.

About TC Energy

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.