Assetmark Inc. Lowers Holdings in TC Energy Corporation $TRP

Key Points

• Assetmark Inc. reduced its TC Energy stake by 15% in the first quarter, selling 19,806 shares and leaving it with 112,138 shares valued at about $7.02 million.
• TC Energy reported mixed quarterly results: EPS of $0.72 beat estimates by $0.02, but revenue of $2.04 billion missed expectations of $2.20 billion.
• The company announced a quarterly dividend of $0.8775 per share, or $3.51 annualized, implying a 5.1% yield; analysts currently rate the stock a “Moderate Buy” with an average target price of $78.50.

Assetmark Inc. lessened its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 15.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,138 shares of the pipeline company's stock after selling 19,806 shares during the period. Assetmark Inc.'s holdings in TC Energy were worth $7,020,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TRP. GQG Partners LLC increased its holdings in TC Energy by 586.5% in the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company's stock worth $890,711,000 after acquiring an additional 13,801,371 shares in the last quarter. Norges Bank acquired a new stake in TC Energy in the 4th quarter valued at about $583,732,000. Deutsche Bank AG lifted its position in TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company's stock worth $846,288,000 after buying an additional 5,956,263 shares in the last quarter. BROOKFIELD Corp ON purchased a new position in shares of TC Energy during the 2nd quarter worth $78,443,000. Finally, TD Asset Management Inc raised its stake in TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock worth $1,150,656,000 after purchasing an additional 1,244,525 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Price Performance

TRP stock opened at $68.65 on Wednesday. The firm has a 50 day moving average of $68.47 and a 200-day moving average of $63.68. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. The company has a market cap of $71.53 billion, a price-to-earnings ratio of 29.80 and a beta of 0.66. TC Energy Corporation has a 12-month low of $46.61 and a 12-month high of $71.47.

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 analysts' consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion for 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 period in the prior year, the company earned $0.95 EPS. As a group, equities analysts expect that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a yield of 5.1%. TC Energy's dividend payout ratio (DPR) is 107.39%.

Analyst Ratings Changes

A number of research analysts have commented on TRP shares. The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "neutral" rating and upped their target price for the company from $53.00 to $62.00 in a research report on Monday, April 20th. Royal Bank Of Canada lifted their target price on TC Energy from $92.00 to $95.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TC Energy in a report on Tuesday, May 26th. Weiss Ratings downgraded TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 4th. Finally, TD Securities reaffirmed a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, TC Energy has an average rating of "Moderate Buy" and an average price target of $78.50.

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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