TC Energy Corporation $TRP Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its holdings in TC Energy by 19.8% during Q2, owning 1,250,500 shares after selling off 309,286 shares.
• TC Energy has declared a quarterly dividend of $0.6148 per share, reflecting an annualized dividend yield of 4.7%, which marks a slight increase from its previous dividend.
• Despite a net margin of 28.98%, TC Energy reported earnings of $0.59 per share, which exceeded analysts' expectations, although it fell short in revenue with $1.82 billion against a consensus of $2.56 billion.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 19.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,250,500 shares of the pipeline company's stock after selling 309,286 shares during the quarter. TC Energy makes up 3.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 12th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.12% of TC Energy worth $61,012,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Lowe Wealth Advisors LLC acquired a new position in TC Energy in the 1st quarter worth about $30,000. TruNorth Capital Management LLC bought a new position in shares of TC Energy during the first quarter valued at $45,000. Truvestments Capital LLC purchased a new stake in shares of TC Energy during the first quarter worth about $45,000. Golden State Wealth Management LLC boosted its position in shares of 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 buying an additional 742 shares during the period. Finally, SBI Securities Co. Ltd. lifted its stake in shares of TC Energy by 75.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after purchasing an additional 501 shares during the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wall Street Zen raised shares of TC Energy from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Up 0.7%

NYSE:TRP traded up $0.38 during trading hours on Monday, hitting $52.92. 1,824,647 shares of the company traded hands, compared to its average volume of 1,691,319. The company has a market cap of $55.05 billion, a PE ratio of 18.06, a PEG ratio of 5.04 and a beta of 0.77. TC Energy Corporation has a one year low of $42.18 and a one year high of $53.34. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The firm's 50-day simple moving average is $50.29 and its 200-day simple moving average is $49.21.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the firm posted $0.79 EPS. Equities analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.6%. TC Energy's dividend payout ratio (DPR) is currently 85.32%.

About TC Energy

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.