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

Cidel Asset Management Inc. lessened its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 23.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Lowe Wealth Advisors LLC bought a new stake in TC Energy during the first quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new stake in shares of TC Energy in the 4th quarter valued at about $31,000. Synergy Investment Management LLC purchased a new position in shares of TC Energy in the 4th quarter worth approximately $36,000. Millstone Evans Group LLC bought a new position in shares of TC Energy during the 4th quarter worth approximately $41,000. Finally, Golden State Wealth Management LLC lifted its position in TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after acquiring an additional 742 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the topic of several analyst reports. Citigroup assumed coverage on shares of TC Energy in a report on Friday, April 4th. They issued a "neutral" rating on the stock. Wall Street Zen downgraded TC Energy from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Finally, CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, TC Energy has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.90 during trading on Tuesday, hitting $47.89. 2,886,917 shares of the stock traded hands, compared to its average volume of 2,493,862. The company has a fifty day moving average price of $49.54 and a two-hundred day moving average price of $47.69. TC Energy Corporation has a 52-week low of $37.07 and a 52-week high of $51.99. The company has a market cap of $49.80 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 4.67 and a beta of 0.78. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted 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). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The firm had revenue of $1.78 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the previous year, the company earned $1.02 earnings per share. As a group, equities analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 annualized dividend and a yield of 5.13%. The ex-dividend date is Monday, June 30th. TC Energy's payout ratio is currently 77.89%.

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.