TC Energy Co. (NYSE:TRP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,200 shares of the pipeline company’s stock after selling 2,300 shares during the period. Principal Financial Group Inc.’s holdings in TC Energy were worth $2,151,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in shares of TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Legal & General Group Plc raised its holdings in TC Energy by 4.1% during the second quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock worth $450,749,000 after purchasing an additional 467,497 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in TC Energy by 156.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after acquiring an additional 4,126,801 shares during the period. Geode Capital Management LLC boosted its holdings in TC Energy by 8.3% during the third quarter. Geode Capital Management LLC now owns 4,712,660 shares of the pipeline company’s stock worth $225,890,000 after buying an additional 360,548 shares in the last quarter. Finally, Merewether Investment Management LP boosted its position in shares of TC Energy by 37.9% in the 3rd quarter. Merewether Investment Management LP now owns 4,097,600 shares of the pipeline company’s stock valued at $194,776,000 after purchasing an additional 1,127,000 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TRP. The Goldman Sachs Group lifted their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Finally, Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $55.67.

TC Energy Price Performance

Shares of NYSE TRP opened at $47.49 on Friday. The firm has a market cap of $49.29 billion, a PE ratio of 13.16, a PEG ratio of 3.88 and a beta of 0.82. The company has a fifty day moving average price of $47.65 and a 200 day moving average price of $44.90. TC Energy Co. has a 1-year low of $31.83 and a 1-year high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.06. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. Research analysts predict that TC Energy Co. will post 3 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a yield of 6.92%. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s dividend payout ratio (DPR) is presently 67.31%.

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.