Energy Income Partners LLC Decreases Position in TC Energy Corporation $TRP

Key Points

• Energy Income Partners reduced its TC Energy stake by 19.2% in the first quarter, selling 209,915 shares and retaining 884,270 shares worth approximately $55.4 million.
• Other major institutions increased their exposure, including GQG Partners, Norges Bank and Deutsche Bank; institutional investors collectively own 83.13% of TC Energy.
• TC Energy reported quarterly EPS of $0.72, exceeding estimates, and declared an annualized dividend of $3.51 per share, yielding about 5.1%. Analysts maintain a “Moderate Buy” consensus with a $78.50 average price target.

Energy Income Partners LLC decreased its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 19.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 884,270 shares of the pipeline company's stock after selling 209,915 shares during the period. Energy Income Partners LLC owned approximately 0.09% of TC Energy worth $55,355,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRP. GQG Partners LLC grew its stake in TC Energy by 586.5% during the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company's stock valued at $890,711,000 after purchasing an additional 13,801,371 shares during the last quarter. Norges Bank purchased a new position in shares of TC Energy during the 4th quarter valued at about $583,732,000. Deutsche Bank AG raised its stake in shares of TC Energy by 63.2% during the 4th quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company's stock valued at $846,288,000 after buying an additional 5,956,263 shares during the last quarter. BROOKFIELD Corp ON acquired a new position in shares of TC Energy in the 2nd quarter valued at about $78,443,000. Finally, TD Asset Management Inc lifted its holdings in shares of TC Energy by 6.3% in the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock valued at $1,150,656,000 after buying an additional 1,244,525 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

NYSE:TRP opened at $68.29 on Tuesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The company has a fifty day moving average of $68.59 and a two-hundred day moving average of $64.09. The stock has a market capitalization of $71.15 billion, a PE ratio of 29.64 and a beta of 0.66. TC Energy Corporation has a fifty-two week low of $46.61 and a fifty-two week high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter last year, the business earned $0.95 earnings per share. As a group, research analysts forecast that TC Energy Corporation will post 2.72 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a yield of 5.1%. TC Energy's dividend payout ratio (DPR) is currently 107.39%.

Analysts Set New Price Targets

A number of brokerages have recently commented on TRP. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. BMO Capital Markets reissued an "outperform" rating on shares of TC Energy in a report on Monday, May 4th. TD Securities restated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Scotiabank restated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.50.

About TC Energy

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.