Burgundy Asset Management Ltd. Sells 48,169 Shares of TC Energy Co. (NYSE:TRP)

Burgundy Asset Management Ltd. reduced its holdings in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 27.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 126,025 shares of the pipeline company's stock after selling 48,169 shares during the quarter. Burgundy Asset Management Ltd.'s holdings in TC Energy were worth $5,867,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. BROOKFIELD Corp ON increased its holdings in TC Energy by 31.6% in the fourth quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock worth $87,950,000 after purchasing an additional 454,011 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of TC Energy by 7.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock valued at $10,463,000 after acquiring an additional 16,334 shares in the last quarter. AXA S.A. increased its holdings in shares of TC Energy by 28.4% during the fourth quarter. AXA S.A. now owns 142,095 shares of the pipeline company's stock valued at $6,612,000 after acquiring an additional 31,441 shares in the last quarter. Cinctive Capital Management LP increased its holdings in shares of TC Energy by 12.3% during the fourth quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company's stock valued at $9,042,000 after acquiring an additional 21,243 shares in the last quarter. Finally, Guardian Partners Inc. bought a new stake in shares of TC Energy during the fourth quarter valued at approximately $8,614,000. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TRP shares. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Citigroup initiated coverage on TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. Wall Street Zen cut TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Finally, US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, TC Energy presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy Stock Performance

Shares of TRP opened at $49.52 on Friday. The firm has a market cap of $51.49 billion, a PE ratio of 15.28, a PEG ratio of 4.34 and a beta of 0.78. The stock's fifty day moving average price is $48.64 and its two-hundred day moving average price is $47.56. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23. TC Energy Co. has a 1 year low of $37.07 and a 1 year high of $51.34.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter in the previous year, the firm earned $1.02 earnings per share. On average, equities research analysts forecast that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a $0.6142 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.46 annualized dividend and a dividend yield of 4.96%. TC Energy's payout ratio is presently 77.89%.

About TC Energy

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.

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