Cinctive Capital Management LP Has $5.84 Million Stock Position in TC Energy Corporation $TRP

Key Points

• Cinctive Capital Management LP cut its stake in TC Energy by 24.2%, selling 34,343 shares to finish the quarter with 107,320 shares worth about $5.84 million.
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51), implying a ~5.5% yield and a high payout ratio of 106.9%; the ex‑dividend date is March 31 and the payment date is April 30.
• The company reported quarterly EPS of $0.70 (beating the $0.65 estimate) but revenue of $2.20 billion missed forecasts, and analysts hold a consensus rating of Hold with an average price target of $72.50.

Cinctive Capital Management LP lowered its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 24.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 107,320 shares of the pipeline company's stock after selling 34,343 shares during the quarter. Cinctive Capital Management LP's holdings in TC Energy were worth $5,835,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Westside Investment Management Inc. boosted its holdings in TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company's stock worth $32,000 after acquiring an additional 297 shares in the last quarter. SWAN Capital LLC acquired a new stake in TC Energy in the third quarter valued at approximately $40,000. Smartleaf Asset Management LLC increased its holdings in shares of TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company's stock valued at $43,000 after acquiring an additional 565 shares in the last quarter. Sagard Holdings Management Inc. acquired a new position in shares of TC Energy during the second quarter worth approximately $46,000. Finally, City Holding Co. acquired a new position in shares of TC Energy during the third quarter worth approximately $72,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Performance

Shares of TRP opened at $63.75 on Monday. TC Energy Corporation has a 1 year low of $43.59 and a 1 year high of $65.57. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.63 and a quick ratio of 0.56. The stock's fifty day moving average price is $59.54 and its two-hundred day moving average price is $55.43. The firm has a market cap of $66.38 billion, a PE ratio of 27.43 and a beta of 0.72.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company earned $1.05 EPS. On average, equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This is a boost from TC Energy's previous quarterly dividend of $0.85. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, March 31st. TC Energy's dividend payout ratio (DPR) is 106.90%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TRP. Wells Fargo & Company reissued an "overweight" rating on shares of TC Energy in a research report on Monday, February 16th. Barclays restated an "overweight" rating on shares of TC Energy in a report on Friday, February 20th. Wall Street Zen raised shares of TC Energy from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a report on Tuesday, February 17th. Finally, Morgan Stanley reissued an "overweight" rating on shares of TC Energy in a research report on Wednesday, January 28th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $72.50.

TC Energy Company Profile

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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