TC Energy Corporation (NYSE:TRP) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. cut its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 23.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,799 shares of the pipeline company's stock after selling 6,508 shares during the quarter. Cidel Asset Management Inc.'s holdings in TC Energy were worth $1,029,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TRP. Norges Bank purchased a new stake in shares of TC Energy in the fourth quarter valued at about $428,759,000. Mufg Securities Canada LTD. boosted its holdings in TC Energy by 571.7% in the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock valued at $288,043,000 after purchasing an additional 5,264,079 shares during the last quarter. Blackstone Inc. grew its stake in shares of TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after buying an additional 3,482,874 shares during the period. FIL Ltd grew its stake in shares of TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock valued at $1,325,558,000 after buying an additional 2,644,627 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of TC Energy during the 4th quarter worth approximately $102,405,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TRP shares. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Wall Street Zen downgraded TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Citigroup started coverage on TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating on the stock. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Trading Up 0.6%

Shares of TRP traded up $0.30 during midday trading on Friday, hitting $48.28. 2,123,593 shares of the stock were exchanged, compared to its average volume of 2,485,532. TC Energy Corporation has a 52-week low of $37.07 and a 52-week high of $51.99. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The stock has a fifty day simple moving average of $49.45 and a 200 day simple moving average of $47.72. The firm has a market cap of $50.21 billion, a P/E ratio of 15.93, a P/E/G ratio of 4.60 and a beta of 0.76.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The firm had revenue of $1.78 billion for the quarter, compared to analysts' expectations of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter last year, the business earned $1.02 earnings per share. On average, research analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio (DPR) is currently 82.51%.

TC Energy Profile

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.