TC Energy Co. (NYSE:TRP) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 20.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,769 shares of the pipeline company’s stock after selling 1,767 shares during the quarter. Rhumbline Advisers’ holdings in TC Energy were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Murchinson Ltd. acquired a new stake in shares of TC Energy in the first quarter valued at about $506,485,000. Capital Research Global Investors boosted its position in shares of TC Energy by 23.7% during the fourth quarter. Capital Research Global Investors now owns 55,677,989 shares of the pipeline company’s stock worth $2,174,931,000 after buying an additional 10,654,993 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of TC Energy by 94.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock valued at $688,534,000 after purchasing an additional 8,339,800 shares during the period. Capital International Investors raised its holdings in TC Energy by 11.8% during the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after purchasing an additional 5,822,056 shares in the last quarter. Finally, FIL Ltd grew its holdings in TC Energy by 37.2% during the fourth quarter. FIL Ltd now owns 16,706,812 shares of the pipeline company’s stock worth $652,613,000 after acquiring an additional 4,528,555 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

TRP opened at $46.76 on Friday. The company has a market cap of $46.76 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 3.82 and a beta of 0.81. The stock has a 50-day moving average of $44.74 and a 200-day moving average of $40.61. TC Energy Co. has a 52-week low of $32.51 and a 52-week high of $48.14. 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 announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 EPS 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 company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter last year, the company earned $0.71 EPS. As a group, equities research analysts forecast that TC Energy Co. will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a dividend of $0.702 per share. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 6.01%. TC Energy’s dividend payout ratio is currently 146.39%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. StockNews.com assumed coverage on shares of TC Energy in a research note on Friday. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, TC Energy has a consensus rating of “Hold” and an average target price of $43.50.

TC Energy Company 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.