Allspring Global Investments Holdings LLC Has $10.68 Million Stock Holdings in TC Energy Corporation $TRP

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in TC Energy Corporation by 3.6%, owning 222,960 shares valued at approximately $10.68 million.
• TC Energy recently raised its quarterly dividend to $0.6148, which yields about 4.8%, indicating strong financial performance despite a net margin of 28.98%.
• Wall Street analysts have mixed ratings on TC Energy, with a consensus rating of "Moderate Buy" and a price target of $62.00.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 222,960 shares of the pipeline company's stock after selling 8,337 shares during the period. Allspring Global Investments Holdings LLC's holdings in TC Energy were worth $10,675,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in TC Energy by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after purchasing an additional 10,227 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of TC Energy by 77.7% during 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 bought a new position in shares of TC Energy during the first quarter worth approximately $432,000. FORA Capital LLC bought a new position in TC Energy in the first quarter valued at approximately $776,000. Finally, Fractal Investments LLC increased its stake in TC Energy by 34.4% in the second quarter. Fractal Investments LLC now owns 649,000 shares of the pipeline company's stock valued at $31,665,000 after acquiring an additional 166,000 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TRP shares. Weiss Ratings restated a "buy (b-)" rating on shares of TC Energy in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of TC Energy from a "hold" rating to a "sell" rating in a research report on Friday, October 3rd. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. TD Securities restated a "buy" rating on shares of TC Energy in a research report on Friday. Finally, Cibc World Mkts lowered shares of TC Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. One 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 given a Sell rating to the stock. According to data from MarketBeat, TC Energy has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Price Performance

Shares of NYSE:TRP opened at $51.47 on Friday. The firm has a market cap of $53.54 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 4.84 and a beta of 0.75. The firm's fifty day moving average is $52.27 and its 200-day moving average is $49.93. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52 week low of $43.51 and a 52 week high of $55.37.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates 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 in the previous year, the business earned $0.79 earnings per share. Sell-side analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.8%. TC Energy's dividend payout ratio (DPR) is presently 84.30%.

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.