Beutel Goodman & Co Ltd. Sells 173,541 Shares of TC Energy Corporation $TRP

Key Points

• Beutel Goodman reduced its TC Energy stake by 7.6%, selling 173,541 shares in the third quarter. It retained 2,114,835 shares, valued at about $122.7 million at quarter-end.
• TC Energy reported quarterly EPS of $0.67, beating the $0.64 consensus, and revenue of $2.88 billion versus $2.79 billion expected. The company announced a quarterly dividend of C$0.88 per share, equivalent to a 5.6% annualized yield.
• Analysts’ consensus rating was “Moderate Buy,” with a $93.75 consensus price target; institutional investors held 83.13% of the stock.

Beutel Goodman & Co Ltd. lessened its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 7.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,114,835 shares of the pipeline company's stock after selling 173,541 shares during the period. Beutel Goodman & Co Ltd. owned approximately 0.21% of TC Energy worth $122,726,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TRP. Trust Co. of Vermont acquired a new stake in TC Energy in the 2nd quarter valued at approximately $33,000. Halbert Hargrove Global Advisors LLC acquired a new position in TC Energy during the 3rd quarter worth $35,000. Provenance Wealth Advisors LLC acquired a new position in TC Energy during the 3rd quarter worth $48,000. Ascentis Independent Advisors bought a new position in shares of TC Energy in the first quarter worth $49,000. Finally, Aberdeen Wealth Management LLC bought a new position in shares of TC Energy in the second quarter worth $51,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

Shares of NYSE:TRP opened at $62.84 on Tuesday. TC Energy Corporation has a 12 month low of $52.00 and a 12 month high of $71.47. The stock has a market cap of $62.84 billion, a price-to-earnings ratio of 23.54 and a beta of 0.64. The stock's 50 day moving average price is $61.36 and its 200 day moving average price is $63.89. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.03. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.79 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same period last year, the company posted $0.77 EPS. Equities research analysts anticipate that TC Energy Corporation will post 2.81 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 29th. Stockholders of record on Thursday, December 31st will be paid a C$0.88 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Thursday, December 31st. TC Energy's payout ratio is currently 94.05%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of research analyst reports. Wall Street Zen lowered TC Energy from a "hold" rating to a "sell" rating in a report on Saturday. BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. TD raised shares of TC Energy to a "buy" rating in a report on Tuesday, September 15th. Raymond James Financial reiterated a "market perform" rating on shares of TC Energy in a research report on Wednesday, September 16th. Finally, Canadian Imperial Bank of Commerce set a $99.00 target price on shares of TC Energy in a research note on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.75.

TC Energy Company Profile

TC Energy NYSE: TRP is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers.

The company's pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario.

Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.

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