Barclays PLC Sells 634,899 Shares of TC Energy Corporation $TRP

Key Points

• Barclays PLC cut its stake in TC Energy by 36.3%, selling 634,899 shares and retaining 1,114,782 shares (about 0.11% ownership) valued at roughly $60.7 million.
• Dividend hike: TC Energy raised its quarterly dividend to $0.8775 (ex-dividend Mar 31, payable Apr 30), for a $3.51 annualized payout (≈5.5% yield) while the dividend payout ratio is 106.9%.
• In the latest quarter TC Energy reported $0.70 EPS (beating estimates) but revenue of $2.20 billion missed consensus, and analysts maintain a consensus "Hold" with an average target of $72.50 (RBC recently raised its target to $92).

Barclays PLC lessened its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 36.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,114,782 shares of the pipeline company's stock after selling 634,899 shares during the quarter. Barclays PLC owned about 0.11% of TC Energy worth $60,655,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRP. Perennial Investment Advisors LLC acquired a new stake in shares of TC Energy in the 3rd quarter valued at approximately $231,000. Orion Porfolio Solutions LLC raised its holdings in TC Energy by 72.7% in the third quarter. Orion Porfolio Solutions LLC now owns 18,365 shares of the pipeline company's stock worth $999,000 after purchasing an additional 7,729 shares during the period. Cresset Asset Management LLC boosted its position in shares of TC Energy by 5.6% during the third quarter. Cresset Asset Management LLC now owns 4,662 shares of the pipeline company's stock worth $256,000 after purchasing an additional 246 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of TC Energy by 21.4% in the 3rd quarter. Kingsview Wealth Management LLC now owns 7,315 shares of the pipeline company's stock valued at $398,000 after buying an additional 1,288 shares during the period. Finally, Cobblestone Capital Advisors LLC NY bought a new stake in shares of TC Energy in the 3rd quarter valued at $201,000. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

Shares of TRP stock opened at $63.31 on Tuesday. The company's fifty day simple moving average is $58.91 and its 200-day simple moving average is $55.08. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The firm has a market cap of $65.92 billion, a PE ratio of 27.24 and a beta of 0.72. TC Energy Corporation has a 12 month low of $43.59 and a 12 month high of $65.57.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the firm earned $1.05 earnings per share. Equities research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This is a boost from TC Energy's previous quarterly dividend of $0.85. This represents a $3.51 annualized dividend and a yield of 5.5%. TC Energy's dividend payout ratio is currently 106.90%.

Analysts Set New Price Targets

TRP has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their target price on TC Energy from $84.00 to $92.00 and gave the company an "outperform" rating in a research note on Tuesday, February 17th. Wells Fargo & Company reiterated an "overweight" rating on shares of TC Energy in a research report on Monday, February 16th. BMO Capital Markets restated an "outperform" rating on shares of TC Energy in a report on Tuesday, February 17th. The Goldman Sachs Group increased their price objective on shares of TC Energy from $48.00 to $53.00 and gave the stock a "sell" rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of TC Energy in a report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, TC Energy has a consensus rating of "Hold" and an average target price of $72.50.

TC Energy Company Profile

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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