Allianz Asset Management GmbH Sells 133,427 Shares of TC Energy Corporation $TRP

Key Points

• Allianz Asset Management GmbH reduced its stake in TC Energy Corporation by 15.2%, selling 133,427 shares, which left them with 744,931 shares valued at approximately $36.29 million.
• TC Energy recently reported quarterly earnings of $0.59 per share, exceeding expectations, despite revenue of $1.82 billion falling short of the projected $2.56 billion.
• The company has increased its quarterly dividend to $0.6148, reflecting a yield of 4.8% and a boost from the previous dividend of $0.61.

Allianz Asset Management GmbH trimmed its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 15.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 744,931 shares of the pipeline company's stock after selling 133,427 shares during the period. Allianz Asset Management GmbH owned approximately 0.07% of TC Energy worth $36,294,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRP. Goldman Sachs Group Inc. lifted its holdings in shares of TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock worth $769,815,000 after acquiring an additional 15,694,336 shares during the period. Bank of Nova Scotia lifted its holdings in shares of TC Energy by 80.3% during the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after acquiring an additional 7,562,887 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of TC Energy by 34.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock worth $935,627,000 after acquiring an additional 5,053,228 shares during the period. Deutsche Bank AG lifted its holdings in shares of TC Energy by 175.1% during the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock worth $271,845,000 after acquiring an additional 3,664,862 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in TC Energy by 31.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock valued at $444,885,000 after purchasing an additional 2,242,918 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Trading Up 0.0%

TRP opened at $51.47 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $53.54 billion, a PE ratio of 17.57, a PEG ratio of 4.84 and a beta of 0.75. TC Energy Corporation has a 1-year low of $43.51 and a 1-year high of $55.37. The firm has a 50-day moving average price of $52.27 and a two-hundred day moving average price of $49.93.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating 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 net margin of 28.98% and a return on equity of 11.22%. During the same quarter last year, the company posted $0.79 EPS. As a group, equities analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. This represents a $2.46 annualized dividend and a yield of 4.8%. The ex-dividend date is Monday, September 29th. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is 84.30%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Cibc World Mkts downgraded shares of TC Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. Wall Street Zen downgraded shares of TC Energy from a "hold" rating to a "sell" rating in a report on Friday, October 3rd. Barclays reissued an "overweight" rating on shares of TC Energy in a report on Tuesday. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of TC Energy in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.