Principal Financial Group Inc. Cuts Position in TC Energy Co. (NYSE:TRP)

Principal Financial Group Inc. trimmed its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 5.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,500 shares of the pipeline company’s stock after selling 2,700 shares during the period. Principal Financial Group Inc.’s holdings in TC Energy were worth $1,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EdgeRock Capital LLC purchased a new position in shares of TC Energy in the 2nd quarter worth $25,000. Creekmur Asset Management LLC bought a new stake in TC Energy during the fourth quarter worth approximately $27,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new position in shares of TC Energy in the 4th quarter worth approximately $31,000. Finally, Mather Group LLC. purchased a new stake in TC Energy during the 2nd quarter valued at $33,000. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.50.

TC Energy Stock Up 0.5 %

Shares of NYSE TRP opened at $46.09 on Friday. The stock has a 50 day moving average price of $43.07 and a 200 day moving average price of $40.09. The firm has a market capitalization of $47.82 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 3.81 and a beta of 0.81. TC Energy Co. has a 52-week low of $32.51 and a 52-week high of $47.38. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter last year, the firm posted $0.71 EPS. Sell-side analysts expect that TC Energy Co. will post 3.06 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.702 dividend. This represents a $2.81 annualized dividend and a dividend yield of 6.09%. The ex-dividend date is Friday, September 27th. TC Energy’s payout ratio is 144.85%.

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.