M&T Bank Corp Sells 590 Shares of TC Energy Co. (NYSE:TRP)

M&T Bank Corp trimmed its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,345 shares of the pipeline company’s stock after selling 590 shares during the quarter. M&T Bank Corp’s holdings in TC Energy were worth $621,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRP. Connor Clark & Lunn Investment Management Ltd. boosted its position 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 purchasing an additional 4,126,801 shares during the period. Zurich Insurance Group Ltd FI bought a new position in TC Energy during the third quarter worth $73,162,000. Merewether Investment Management LP boosted its position in TC Energy by 37.9% during the third quarter. Merewether Investment Management LP now owns 4,097,600 shares of the pipeline company’s stock worth $194,776,000 after purchasing an additional 1,127,000 shares during the period. Duff & Phelps Investment Management Co. boosted its position in TC Energy by 70.7% during the third quarter. Duff & Phelps Investment Management Co. now owns 1,763,915 shares of the pipeline company’s stock worth $83,874,000 after purchasing an additional 730,415 shares during the period. Finally, Kayne Anderson Capital Advisors LP boosted its position in TC Energy by 29.2% during the third quarter. Kayne Anderson Capital Advisors LP now owns 3,198,140 shares of the pipeline company’s stock worth $152,072,000 after purchasing an additional 722,619 shares during the period. 83.13% of the stock is owned by institutional investors.

TC Energy Stock Up 0.7 %

TRP stock opened at $46.60 on Thursday. The company has a market cap of $48.43 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83. The business has a 50-day simple moving average of $46.27 and a 200 day simple moving average of $46.77. TC Energy Co. has a 52 week low of $34.95 and a 52 week high of $50.37. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter in the previous year, the firm earned $1.35 earnings per share. Sell-side analysts anticipate that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 7.30%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s payout ratio is 72.53%.

Analysts Set New Price Targets

TRP has been the subject of a number of research analyst reports. US Capital Advisors raised shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. TD Securities assumed coverage on shares of TC Energy in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. StockNews.com cut shares of TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, BMO Capital Markets boosted their target price on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

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.