Energy Income Partners LLC Reduces Holdings in TC Energy Corporation $TRP

Energy Income Partners LLC reduced its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 19.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 884,270 shares of the pipeline company’s stock after selling 209,915 shares during the quarter. Energy Income Partners LLC’s holdings in TC Energy were worth $55,355,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRP. GQG Partners LLC boosted its stake in TC Energy by 586.5% during the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock worth $890,711,000 after purchasing an additional 13,801,371 shares during the last quarter. Norges Bank acquired a new stake in shares of TC Energy in the fourth quarter valued at about $583,732,000. Deutsche Bank AG raised its position in shares of TC Energy by 63.2% in the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock valued at $846,288,000 after buying an additional 5,956,263 shares during the last quarter. BROOKFIELD Corp ON purchased a new position in shares of TC Energy in the second quarter worth about $78,443,000. Finally, TD Asset Management Inc boosted its position in TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock worth $1,150,656,000 after acquiring an additional 1,244,525 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TRP. National Bank Financial upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Barclays restated an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and increased their price target for the company from $53.00 to $62.00 in a report on Monday, April 20th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.50.

TC Energy Trading Down 3.3%

NYSE TRP opened at $68.29 on Tuesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The stock has a market capitalization of $71.15 billion, a P/E ratio of 29.64 and a beta of 0.66. The firm’s 50-day moving average is $68.59 and its two-hundred day moving average is $64.09. TC Energy Corporation has a 12 month low of $46.61 and a 12 month high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same period last year, the business earned $0.95 earnings per share. On average, sell-side analysts anticipate that TC Energy Corporation will post 2.72 earnings per share for the current year.

TC Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.1%. TC Energy’s dividend payout ratio (DPR) is presently 107.39%.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.