Allspring Global Investments Holdings LLC Decreases Stake in TC Energy Corporation $TRP

Key Points

• Allspring Global Investments cut its stake in TC Energy by 30.9% in the first quarter, selling 63,536 shares and leaving it with 141,978 shares valued at about $8.83 million.
• Wall Street sentiment on TC Energy remains generally positive, with an average analyst rating of “Moderate Buy” and a consensus price target of $78.50, though Morgan Stanley recently downgraded the stock to equal weight.
• TC Energy reported quarterly EPS of $0.72, topping estimates, and announced a quarterly dividend of $0.8775 per share for a 5.0% annualized yield.

Allspring Global Investments Holdings LLC lowered its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 30.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,978 shares of the pipeline company's stock after selling 63,536 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in TC Energy were worth $8,834,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of TC Energy in the 4th quarter worth about $25,000. Sterling Capital Management LLC bought a new position in shares of TC Energy during the 1st quarter valued at approximately $26,000. Trust Co. of Vermont bought a new position in shares of TC Energy during the 4th quarter valued at approximately $28,000. McIlrath & Eck LLC purchased a new position in TC Energy in the fourth quarter valued at approximately $32,000. Finally, SWAN Capital LLC bought a new position in TC Energy during the third quarter valued at $40,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

TRP has been the topic of a number of research reports. BMO Capital Markets restated an "outperform" rating on shares of TC Energy in a research note on Monday, May 4th. Scotiabank restated an "outperform" rating on shares of TC Energy in a research note on Tuesday. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, Weiss Ratings cut shares of TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, TC Energy has an average rating of "Moderate Buy" and an average price target of $78.50.

TC Energy Trading Up 1.7%

Shares of TC Energy stock opened at $69.83 on Thursday. The company's 50-day moving average price is $68.53 and its 200-day moving average price is $63.79. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. TC Energy Corporation has a 12-month low of $46.61 and a 12-month high of $71.47. The company has a market cap of $72.76 billion, a price-to-earnings ratio of 30.31 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The company had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, equities analysts expect that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a yield of 5.0%. TC Energy's dividend payout ratio (DPR) is currently 107.39%.

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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