Cardinal Capital Management Inc. Sells 99,127 Shares of TC Energy Corporation $TRP

Key Points

• Cardinal Capital Management sold 99,127 shares of TC Energy, trimming its stake to 2,396,890 shares (about 0.23% of the company) worth roughly $131.85 million and making TRP its 20th largest holding.
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51) for a ~5.5% yield, though the payout ratio is elevated at about 108.6%.
• The company reported EPS of $0.70 beating estimates of $0.65 while revenue missed at $2.20B versus $2.94B, and analysts' consensus rating is "Hold" with a $72.50 price target.

Cardinal Capital Management Inc. lowered its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,396,890 shares of the pipeline company's stock after selling 99,127 shares during the quarter. TC Energy accounts for 0.0% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 20th largest holding. Cardinal Capital Management Inc. owned 0.23% of TC Energy worth $131,853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Pacifica Partners Inc. grew its holdings in TC Energy by 14.0% during the third quarter. Pacifica Partners Inc. now owns 1,625 shares of the pipeline company's stock worth $87,000 after buying an additional 200 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in TC Energy by 2.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,991 shares of the pipeline company's stock worth $544,000 after buying an additional 200 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in TC Energy by 2.8% during the third quarter. Kingswood Wealth Advisors LLC now owns 7,342 shares of the pipeline company's stock worth $399,000 after buying an additional 202 shares in the last quarter. Kennebec Savings Bank boosted its position in TC Energy by 2.1% in the fourth quarter. Kennebec Savings Bank now owns 9,854 shares of the pipeline company's stock worth $542,000 after purchasing an additional 203 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its position in TC Energy by 3.4% in the third quarter. Checchi Capital Advisers LLC now owns 6,171 shares of the pipeline company's stock worth $336,000 after purchasing an additional 204 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Up 0.5%

TRP stock opened at $64.20 on Friday. The stock's fifty day simple moving average is $62.74 and its two-hundred day simple moving average is $56.90. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. TC Energy Corporation has a 1-year low of $44.61 and a 1-year high of $65.57. The stock has a market cap of $66.88 billion, a P/E ratio of 27.62 and a beta of 0.69.

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

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. This is a boost from TC Energy's previous quarterly dividend of $0.85. TC Energy's payout ratio is currently 108.62%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TRP shares. BMO Capital Markets reissued an "outperform" rating on shares of TC Energy in a research report on Tuesday, February 17th. Citigroup reissued a "neutral" rating on shares of TC Energy in a research report on Thursday, February 19th. Morgan Stanley reissued an "overweight" rating on shares of TC Energy in a research report on Wednesday, January 28th. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Friday, February 20th. Finally, Scotiabank reissued an "outperform" rating on shares of TC Energy in a research report on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $72.50.

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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