Clearbridge Investments LLC Lowers Holdings in TC Energy Co. (NYSE:TRP)

Clearbridge Investments LLC cut its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 46.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 657,495 shares of the pipeline company’s stock after selling 569,496 shares during the period. Clearbridge Investments LLC’s holdings in TC Energy were worth $24,919,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TRP. Capital Research Global Investors raised its stake in TC Energy by 2.7% during the first quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock worth $2,297,701,000 after purchasing an additional 1,492,315 shares during the period. Vanguard Group Inc. raised its position in shares of TC Energy by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock worth $1,650,505,000 after buying an additional 653,031 shares during the period. Canada Pension Plan Investment Board boosted its holdings in TC Energy by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in 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 acquiring an additional 8,339,800 shares during the period. Finally, TD Asset Management Inc increased its stake in TC Energy by 9.5% during the first quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock worth $674,366,000 after acquiring an additional 1,458,732 shares during the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Price Performance

TRP stock opened at $44.34 on Friday. The firm has a market cap of $44.34 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 3.80 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. TC Energy Co. has a 1 year low of $32.51 and a 1 year high of $48.42. The stock has a 50-day simple moving average of $45.11 and a 200-day simple moving average of $40.77.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.29. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $0.71 earnings per share. On average, equities analysts predict that TC Energy Co. will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The company 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 dividend of $0.702 per share. This represents a $2.81 annualized dividend and a yield of 6.33%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is 146.39%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRP. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday. Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. Finally, StockNews.com began coverage on shares of TC Energy in a research report on Friday, September 27th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.