1832 Asset Management L.P. Sells 95,041 Shares of TC Energy Corporation $TRP

Key Points

• 1832 Asset Management L.P. has sold 95,041 shares of TC Energy Corporation, reducing its stake by 0.7% to approximately 14.28 million shares, which represents about 0.6% of its total holdings.
• TC Energy recently announced a quarterly dividend of $0.6148 per share, reflecting a slight increase from the previous dividend and providing a 4.8% yield for investors.
• Analysts have recently upgraded TC Energy's rating, with Cibc World Markets moving it from "hold" to a "strong-buy" and a overall consensus rating of "Moderate Buy" with a price target of $62.00.

1832 Asset Management L.P. reduced its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 0.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,278,584 shares of the pipeline company's stock after selling 95,041 shares during the period. TC Energy makes up approximately 0.6% of 1832 Asset Management L.P.'s holdings, making the stock its 20th biggest holding. 1832 Asset Management L.P. owned 1.37% of TC Energy worth $674,092,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Baader Bank Aktiengesellschaft grew its position in shares of TC Energy by 4.4% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 6,325 shares of the pipeline company's stock valued at $289,000 after acquiring an additional 264 shares during the period. Benjamin Edwards Inc. increased its stake in shares of TC Energy by 1.7% during the fourth quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock worth $745,000 after purchasing an additional 273 shares during the period. Prudential PLC increased its stake in shares of TC Energy by 5.2% during the first quarter. Prudential PLC now owns 6,536 shares of the pipeline company's stock worth $309,000 after purchasing an additional 326 shares during the period. Avantax Advisory Services Inc. lifted its holdings in TC Energy by 3.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company's stock worth $468,000 after purchasing an additional 344 shares during the last quarter. Finally, FSM Wealth Advisors LLC boosted its stake in TC Energy by 9.2% in the 1st quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company's stock valued at $243,000 after purchasing an additional 432 shares during the period. 83.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Trading Down 0.8%

TRP opened at $51.46 on Friday. The stock has a market capitalization of $53.52 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 4.97 and a beta of 0.75. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. TC Energy Corporation has a twelve month low of $40.13 and a twelve month high of $52.10. The company has a 50-day simple moving average of $48.53 and a 200 day simple moving average of $48.25.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same period in the previous year, the company earned $0.79 EPS. Analysts predict that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. This is a positive change from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's payout ratio is 85.32%.

TC Energy Profile

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.

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