TC Energy Co. (NYSE:TRP) Position Cut by 1832 Asset Management L.P.

1832 Asset Management L.P. reduced its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 24.9% during the second quarter, Holdings Channel.com reports. The firm owned 14,852,767 shares of the pipeline company’s stock after selling 4,918,643 shares during the period. TC Energy accounts for about 0.5% of 1832 Asset Management L.P.’s portfolio, making the stock its 22nd biggest position. 1832 Asset Management L.P.’s holdings in TC Energy were worth $562,920,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TRP. EdgeRock Capital LLC bought a new stake in shares of TC Energy during the second quarter valued at about $25,000. Creekmur Asset Management LLC bought a new stake in shares of TC Energy during the fourth quarter valued at about $27,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of TC Energy by 138.8% during the second 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 in the last quarter. OLD Point Trust & Financial Services N A bought a new stake in shares of TC Energy during the fourth quarter valued at about $31,000. Finally, Mather Group LLC. bought a new stake in shares of TC Energy during the second quarter valued at about $33,000. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TRP has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of TC Energy in a research note on Thursday. They set a “hold” rating on the stock. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, TC Energy presently has a consensus rating of “Hold” and a consensus target price of $43.50.

TC Energy Price Performance

NYSE:TRP opened at $46.18 on Friday. The business’s 50-day moving average price is $44.02 and its 200 day moving average price is $40.37. The firm has a market cap of $46.18 billion, a P/E ratio of 23.80, 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 quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57.

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

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a $0.702 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a yield of 6.08%. TC Energy’s dividend payout ratio is currently 146.39%.

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.