DAVENPORT & Co LLC Cuts Stock Holdings in TC Energy Corporation (NYSE:TRP)

DAVENPORT & Co LLC lowered its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 13.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,478 shares of the pipeline company's stock after selling 11,143 shares during the quarter. DAVENPORT & Co LLC's holdings in TC Energy were worth $3,517,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Lowe Wealth Advisors LLC bought a new position in shares of TC Energy in the 1st quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new position in TC Energy during the fourth quarter worth $31,000. Synergy Investment Management LLC acquired a new position in TC Energy during the fourth quarter worth $36,000. Millstone Evans Group LLC acquired a new position in shares of TC Energy in the fourth quarter valued at $41,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of TC Energy by 222.2% in the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after purchasing an additional 742 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Down 1.6%

NYSE TRP traded down $0.76 during mid-day trading on Monday, hitting $47.39. The company's stock had a trading volume of 1,445,816 shares, compared to its average volume of 2,473,250. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61. The company's 50 day simple moving average is $49.39 and its 200 day simple moving average is $47.77. TC Energy Corporation has a twelve month low of $37.07 and a twelve month high of $51.99. The firm has a market capitalization of $49.28 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 4.60 and a beta of 0.76.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.04). The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate 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 posted $1.02 earnings per share. Analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date is Monday, June 30th. TC Energy's payout ratio is presently 82.51%.

Wall Street Analyst Weigh In

TRP has been the topic of several research reports. Citigroup initiated coverage on shares of TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating on the stock. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. Finally, CIBC raised shares of 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 assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Company 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.