TC Energy Co. (NYSE:TRP) Shares Sold by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC lowered its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 94.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 753 shares of the pipeline company’s stock after selling 11,737 shares during the period. Icon Wealth Advisors LLC’s holdings in TC Energy were worth $36,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in TRP. Canada Pension Plan Investment Board increased its position 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 valued at $737,609,000 after acquiring an additional 10,065,000 shares during the period. Legal & General Group Plc raised its stake in shares of TC Energy by 4.1% in 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 during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of TC Energy by 2.6% during the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock worth $322,584,000 after purchasing an additional 214,689 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in TC Energy by 156.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock valued at $321,778,000 after buying an additional 4,126,801 shares during the last quarter. Finally, Cardinal Capital Management Inc. increased its holdings in TC Energy by 101.4% in the 2nd quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock worth $192,024,000 after buying an additional 2,551,926 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Price Performance

NYSE:TRP opened at $49.07 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.37. The stock’s 50-day moving average price is $47.27 and its 200-day moving average price is $43.34. The stock has a market capitalization of $50.93 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.70 by $0.06. The company 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%. As a group, equities analysts expect that TC Energy Co. will post 2.98 EPS for the current fiscal year.

TC Energy Increases Dividend

The business 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 $0.822 dividend. This represents a $3.29 annualized dividend and a yield of 6.70%. The ex-dividend date is Tuesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s payout ratio is presently 78.95%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRP. BMO Capital Markets upped their price objective on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Veritas upgraded TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Finally, StockNews.com began coverage on TC Energy in a research report on Tuesday. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $55.67.

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.