Addenda Capital Inc. Trims Stock Position in TC Energy Corporation $TRP

Key Points

• Addenda Capital Inc. reduced its stake in TC Energy Corporation by 0.9%, now holding 944,128 shares worth approximately $46 million, making it the firm's 14th largest investment.
• TC Energy's stock price was reported at $53.39, with a market capitalization of $55.54 billion and a recent dividend increase to $0.6148 per share, reflecting a yield of 4.6%.
• Analysts have varying ratings for TC Energy, with an average price target of $62.00, indicating general optimism despite mixed assessments from different research firms.

Addenda Capital Inc. trimmed its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 0.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 944,128 shares of the pipeline company's stock after selling 8,901 shares during the quarter. TC Energy makes up approximately 2.0% of Addenda Capital Inc.'s holdings, making the stock its 14th biggest position. Addenda Capital Inc. owned 0.09% of TC Energy worth $46,064,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in TC Energy by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock worth $43,209,000 after purchasing an additional 10,227 shares during the period. Farther Finance Advisors LLC increased its stake in TC Energy by 77.7% in the first quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock worth $110,000 after purchasing an additional 1,005 shares during the period. Wealthstar Advisors LLC purchased a new position in shares of TC Energy during the first quarter valued at $432,000. FORA Capital LLC purchased a new position in shares of TC Energy during the first quarter valued at $776,000. Finally, Golden State Wealth Management LLC increased its stake in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after buying an additional 742 shares during the period. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Down 0.6%

TC Energy stock opened at $53.39 on Friday. The stock has a market capitalization of $55.54 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 5.13 and a beta of 0.77. TC Energy Corporation has a 12 month low of $42.18 and a 12 month high of $54.18. The business has a 50 day simple moving average of $50.72 and a 200-day simple moving average of $49.39. The company has a debt-to-equity ratio of 1.54, 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 31st. The pipeline company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period in the previous year, the business earned $0.79 earnings per share. On average, analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a dividend of $0.6148 per share. The ex-dividend date is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 4.6%. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is 84.30%.

Analysts Set New Price Targets

Several equities analysts have issued reports on TRP shares. Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, TC Energy presently has an average rating of "Moderate Buy" and an average price target of $62.00.

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.

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