Allspring Global Investments Holdings LLC Buys 11,322 Shares of TC Energy Corporation (NYSE:TRP)

Allspring Global Investments Holdings LLC increased its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 231,297 shares of the pipeline company's stock after purchasing an additional 11,322 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in TC Energy were worth $11,056,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. boosted its holdings in TC Energy by 1.7% during the fourth quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock worth $745,000 after purchasing an additional 273 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its stake in TC Energy by 4.1% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 9,554 shares of the pipeline company's stock valued at $445,000 after acquiring an additional 379 shares during the last quarter. Orion Portfolio Solutions LLC boosted its stake in TC Energy by 6.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,764 shares of the pipeline company's stock valued at $361,000 after acquiring an additional 502 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in TC Energy by 10.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,468 shares of the pipeline company's stock valued at $269,000 after acquiring an additional 504 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in TC Energy by 5.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 10,177 shares of the pipeline company's stock valued at $474,000 after acquiring an additional 526 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRP has been the topic of a number of research analyst reports. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Citigroup initiated coverage on shares of TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. Finally, CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Price Performance

TC Energy stock traded down $0.76 during midday trading on Monday, reaching $47.39. 1,445,816 shares of the stock were exchanged, compared to its average volume of 2,473,250. The company's fifty day moving average is $49.39 and its 200-day moving average is $47.77. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The firm has a market cap of $49.28 billion, a PE ratio of 15.64, a PEG ratio of 4.60 and a beta of 0.76. TC Energy Corporation has a 52 week low of $37.07 and a 52 week high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the previous year, the company earned $1.02 EPS. On average, sell-side analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.6142 per share. The ex-dividend date is Monday, June 30th. This represents a $2.46 annualized dividend and a yield of 5.18%. TC Energy's payout ratio is currently 82.51%.

TC Energy Company 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.