Burgundy Asset Management Ltd. Sells 74,141 Shares of TC Energy Co. (NYSE:TRP)

Burgundy Asset Management Ltd. reduced its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 22.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 258,070 shares of the pipeline company’s stock after selling 74,141 shares during the period. Burgundy Asset Management Ltd.’s holdings in TC Energy were worth $9,778,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TRP. Private Advisor Group LLC bought a new position in TC Energy during the 4th quarter worth $208,000. Vanguard Personalized Indexing Management LLC raised its position in shares of TC Energy by 13.7% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 11,035 shares of the pipeline company’s stock worth $431,000 after acquiring an additional 1,331 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of TC Energy by 6.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 73,182 shares of the pipeline company’s stock worth $2,861,000 after acquiring an additional 4,222 shares in the last quarter. Beacon Pointe Advisors LLC raised its position in shares of TC Energy by 30.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 24,288 shares of the pipeline company’s stock worth $949,000 after acquiring an additional 5,733 shares in the last quarter. Finally, Financial Advocates Investment Management raised its position in shares of TC Energy by 5.4% in the 4th quarter. Financial Advocates Investment Management now owns 6,121 shares of the pipeline company’s stock worth $240,000 after acquiring an additional 316 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Price Performance

TRP stock opened at $46.02 on Thursday. The company has a market capitalization of $46.02 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 3.81 and a beta of 0.81. 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 Co. has a 52-week low of $32.51 and a 52-week high of $47.38. The business has a 50-day simple moving average of $43.75 and a two-hundred day simple moving average of $40.29.

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

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a $0.702 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 6.10%. TC Energy’s payout ratio is presently 146.39%.

Analysts Set New Price Targets

TRP has been the subject of several research analyst reports. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com started coverage on TC Energy in a research report on Thursday. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $43.50.

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.