Connor Clark & Lunn Investment Management Ltd. Sells 725,594 Shares of TC Energy Corporation $TRP

Key Points

• Connor Clark & Lunn trimmed its stake in TC Energy by 8.2% in Q3, selling 725,594 shares and now holds 8,133,562 shares (about 0.78% of the company) valued at roughly $442.15 million, making TRP its 11th-largest position.
• TC Energy raised its quarterly dividend to $0.8775 (from $0.85), payable April 30 with an ex-dividend date of March 31, implying a $3.51 annualized payout and a ~5.6% yield but a high payout ratio of 110.78%.
• The company beat EPS estimates ($0.70 vs. $0.65) but missed revenue expectations ($2.20B vs. $2.94B), and analysts hold a consensus "Hold" rating with a $72.50 price target.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,133,562 shares of the pipeline company's stock after selling 725,594 shares during the period. TC Energy comprises approximately 1.4% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 11th largest position. Connor Clark & Lunn Investment Management Ltd. owned about 0.78% of TC Energy worth $442,147,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company's stock valued at $538,000 after acquiring an additional 3,892 shares during the period. Focus Partners Wealth grew its position in TC Energy by 46.1% during the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company's stock worth $588,000 after acquiring an additional 3,929 shares during the last quarter. Intech Investment Management LLC increased its stake in TC Energy by 200.7% in the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company's stock worth $1,269,000 after purchasing an additional 17,939 shares during the period. Bank of New York Mellon Corp lifted its position in TC Energy by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 918,293 shares of the pipeline company's stock valued at $44,804,000 after purchasing an additional 3,052 shares during the last quarter. Finally, Savant Capital LLC bought a new stake in TC Energy in the second quarter valued at approximately $271,000. 83.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on TRP. Citigroup reissued a "neutral" rating on shares of TC Energy in a research note on Thursday, February 19th. Royal Bank Of Canada upped their price target on shares of TC Energy from $84.00 to $92.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. National Bank Financial cut shares of TC Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Morgan Stanley reissued an "overweight" rating on shares of TC Energy in a report on Wednesday, January 28th. Finally, Wall Street Zen upgraded shares of TC Energy from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $72.50.

TC Energy Price Performance

Shares of TRP stock opened at $63.14 on Thursday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. TC Energy Corporation has a fifty-two week low of $43.59 and a fifty-two week high of $65.57. The firm has a market cap of $65.74 billion, a P/E ratio of 27.17 and a beta of 0.72. The business's 50 day moving average price is $59.22 and its 200-day moving average price is $55.23.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its 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 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 earnings per share. On average, equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This is a boost from TC Energy's previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a yield of 5.6%. TC Energy's dividend payout ratio (DPR) is currently 110.78%.

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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