50,000 TC Energy Corporation $TRP Shares Sold by Viking Fund Management LLC

Key Points

• Viking Fund Management cut its TC Energy stake by 11.1%, selling 50,000 shares during the third quarter and retaining 400,000 shares valued at approximately $23.1 million. Institutional investors collectively own 83.13% of the company.
• TC Energy shares opened at $61.14, down 0.7%, with the stock trading below its 50-day and 200-day moving averages. The company reported quarterly EPS of $0.68, exceeding the $0.61 consensus estimate.
• TC Energy declared a quarterly dividend of C$0.88 per share, representing a 5.7% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $92.00.

Viking Fund Management LLC reduced its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 400,000 shares of the pipeline company's stock after selling 50,000 shares during the quarter. TC Energy accounts for 1.9% of Viking Fund Management LLC's holdings, making the stock its 9th largest position. Viking Fund Management LLC's holdings in TC Energy were worth $23,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of TRP. Mather Group LLC. boosted its position in TC Energy by 408.5% in the 3rd quarter. Mather Group LLC. now owns 956 shares of the pipeline company's stock worth $55,000 after purchasing an additional 768 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of TC Energy during the 3rd quarter valued at approximately $271,000. HF Advisory Group LLC boosted its holdings in TC Energy by 8.5% during the third quarter. HF Advisory Group LLC now owns 88,564 shares of the pipeline company's stock worth $5,117,000 after buying an additional 6,903 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new stake in TC Energy during the third quarter worth $668,000. Finally, Chickasaw Capital Management LLC grew its position in TC Energy by 2,473.7% during the third quarter. Chickasaw Capital Management LLC now owns 200,849 shares of the pipeline company's stock valued at $11,605,000 after buying an additional 193,045 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Down 0.7%

Shares of NYSE:TRP opened at $61.14 on Thursday. The business's 50 day moving average price is $61.53 and its 200-day moving average price is $64.78. TC Energy Corporation has a 1 year low of $49.27 and a 1 year high of $71.47. The firm has a market capitalization of $61.14 billion, a price-to-earnings ratio of 25.37 and a beta of 0.70. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, equities research analysts forecast that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of C$0.88 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio is 104.98%.

Wall Street Analysts Forecast Growth

TRP has been the subject of a number of recent analyst reports. Royal Bank Of Canada reaffirmed a "moderate buy" rating and issued a $106.00 price objective on shares of TC Energy in a report on Friday, September 11th. Scotiabank restated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Weiss Ratings restated a "buy (b)" rating on shares of TC Energy in a research report on Friday, July 31st. TD Securities upgraded TC Energy from a "hold" rating to a "buy" rating in a research note on Monday, September 14th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, TC Energy presently has an average rating of "Moderate Buy" and an average target price of $92.00.

TC Energy Company Profile

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its pipeline network transports natural gas from producing regions to utilities, industrial customers, power generators and export markets, while its storage facilities help support seasonal and daily demand.

The company's operations are concentrated in Canada, the United States and Mexico. Its major systems include the Canadian Mainline, which connects Western Canadian natural gas supplies with markets in Eastern Canada and the United States, as well as U.S.

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