Addenda Capital Inc. Trims Stake in TC Energy Corporation $TRP

Key Points

• Addenda Capital reduced its TC Energy stake by 6.6% in the second quarter, selling 60,076 shares and retaining 848,757 shares valued at approximately $56.3 million.
• Despite Addenda’s reduction, several major institutions—including the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board—established or increased positions; institutional investors collectively own 83.13% of TC Energy.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an $89 target price. TC Energy also exceeded quarterly earnings and revenue estimates and announced a $0.8775 quarterly dividend, yielding about 5.7%.

Addenda Capital Inc. lowered its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 6.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 848,757 shares of the pipeline company's stock after selling 60,076 shares during the quarter. TC Energy comprises approximately 1.9% of Addenda Capital Inc.'s portfolio, making the stock its 16th largest holding. Addenda Capital Inc. owned approximately 0.08% of TC Energy worth $56,264,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRP. Ontario Teachers Pension Plan Board purchased a new stake in shares of TC Energy during the 2nd quarter valued at $273,917,000. Korea Investment CORP purchased a new stake in TC Energy during the 2nd quarter valued at about $30,152,000. Canada Pension Plan Investment Board bought a new position in shares of TC Energy in the second quarter worth approximately $1,148,244,000. Generali Asset Management SPA SGR grew its holdings in shares of TC Energy by 261.0% in the fourth quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock worth $4,121,000 after purchasing an additional 54,154 shares during the last quarter. Finally, BROOKFIELD Corp ON increased its stake in shares of TC Energy by 8.9% in the first quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company's stock worth $108,647,000 after buying an additional 141,556 shares during the period. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TRP shares. Scotiabank reissued an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. Royal Bank Of Canada upped their price objective on shares of TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. BMO Capital Markets reiterated an "outperform" rating and set a $99.00 target price on shares of TC Energy in a report on Friday, July 31st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Trading Up 0.0%

Shares of TRP opened at $61.87 on Monday. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The firm's 50-day moving average price is $66.33 and its 200-day moving average price is $65.37. The firm has a market capitalization of $64.46 billion, a price-to-earnings ratio of 25.67 and a beta of 0.66.

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

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio is 102.49%.

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.

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