Bank of Montreal Can Sells 6,874,528 Shares of TC Energy Co. (NYSE:TRP)

Bank of Montreal Can reduced its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 11.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,856,172 shares of the pipeline company’s stock after selling 6,874,528 shares during the quarter. TC Energy accounts for approximately 0.9% of Bank of Montreal Can’s holdings, making the stock its 18th biggest holding. Bank of Montreal Can owned approximately 5.09% of TC Energy worth $1,990,185,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Murchinson Ltd. purchased a new position in TC Energy in the 1st quarter worth about $506,485,000. Capital Research Global Investors raised its stake 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 valued at $2,174,931,000 after acquiring an additional 10,654,993 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after buying an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of TC Energy by 94.9% in 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 acquiring an additional 8,339,800 shares in the last quarter. Finally, Capital International Investors lifted its stake in TC Energy by 11.8% in the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after acquiring an additional 5,822,056 shares during the period. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of TC Energy stock opened at $46.18 on Monday. TC Energy Co. has a one year low of $32.51 and a one year high of $47.38. The company has a market capitalization of $46.18 billion, a PE ratio of 23.80, a P/E/G 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. The company has a 50-day simple moving average of $44.02 and a two-hundred day simple moving average of $40.37.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.78 billion. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. During the same quarter in the previous year, the business posted $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 disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 6.08%. TC Energy’s dividend payout ratio is presently 146.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of TC Energy in a report on Thursday. They issued a “hold” rating for the company. Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. One 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’s stock. According to data from MarketBeat.com, TC Energy presently has a consensus rating of “Hold” and an average price target 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.