Energy Income Partners LLC Reduces Stock Position in TC Energy Corporation $TRP

Key Points

• Energy Income Partners reduced its TC Energy stake by 28.9% in the second quarter, selling 255,607 shares and retaining 628,663 shares valued at approximately $41.7 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $89.00; ratings include one Strong Buy, seven Buys and six Holds.
• TC Energy reported quarterly EPS of $0.68, exceeding estimates, and announced a quarterly dividend of $0.8775 per share, equivalent to a 5.5% annualized yield.

Energy Income Partners LLC trimmed its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 28.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 628,663 shares of the pipeline company's stock after selling 255,607 shares during the period. Energy Income Partners LLC owned about 0.06% of TC Energy worth $41,674,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TRP. Vanguard Group Inc. increased its stake in TC Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company's stock valued at $2,632,200,000 after purchasing an additional 980,221 shares in the last quarter. FIL Ltd boosted its position in TC Energy by 3.9% during the fourth quarter. FIL Ltd now owns 28,305,789 shares of the pipeline company's stock worth $1,558,669,000 after purchasing an additional 1,052,166 shares in the last quarter. TD Asset Management Inc boosted its position in TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock worth $1,150,656,000 after purchasing an additional 1,244,525 shares in the last quarter. GQG Partners LLC grew its holdings in TC Energy by 586.5% in the fourth 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. Finally, Deutsche Bank AG grew its holdings in TC Energy by 1.3% in the second quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock valued at $1,048,809,000 after purchasing an additional 196,543 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on TRP. TD Securities reaffirmed a "hold" rating on shares of TC Energy in a research note on Thursday, July 16th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. Finally, Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Stock Up 1.2%

Shares of NYSE:TRP opened at $64.06 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $66.74 billion, a P/E ratio of 26.58 and a beta of 0.66. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47. The stock's fifty day simple moving average is $67.35 and its 200-day simple moving average is $65.21.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the previous year, the company posted $0.82 EPS. As a group, equities research analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.5%. TC Energy's dividend payout ratio is presently 102.49%.

TC Energy 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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