DAVENPORT & Co LLC Sells 11,143 Shares of 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 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,478 shares of the pipeline company's stock after selling 11,143 shares during the period. DAVENPORT & Co LLC's holdings in TC Energy were worth $3,517,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC purchased a new position in shares of TC Energy during the 1st quarter valued at about $30,000. SBI Securities Co. Ltd. purchased a new position in shares of TC Energy during the fourth quarter worth approximately $31,000. Synergy Investment Management LLC bought a new stake in shares of TC Energy in the 4th quarter worth approximately $36,000. Millstone Evans Group LLC bought a new stake in shares of TC Energy in the 4th quarter worth approximately $41,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of TC Energy by 222.2% in the 1st 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 in the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Up 0.6%

Shares of NYSE:TRP opened at $48.28 on Friday. The stock's 50-day moving average is $49.48 and its 200 day moving average is $47.71. The company has a market cap of $50.21 billion, a PE ratio of 15.93, a P/E/G ratio of 4.58 and a beta of 0.76. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. TC Energy Corporation has a 1 year low of $37.07 and a 1 year high of $51.99.

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 analysts' consensus estimates of $0.70 by ($0.04). The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a return on equity of 11.41% and a net margin of 29.17%. During the same quarter in the prior year, the business posted $1.02 earnings per share. Sell-side analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date is Monday, June 30th. TC Energy's payout ratio is currently 82.51%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TRP. Citigroup started coverage on shares of TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating for the company. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Wall Street Zen lowered TC Energy from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Finally, Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, TC Energy has an average rating of "Moderate Buy" and an average target price of $62.00.

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.

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