Exchange Traded Concepts LLC Lowers Stock Holdings in TC Energy Corporation $TRP

Key Points

• Exchange Traded Concepts LLC reduced its position in TC Energy Corporation by 5.9% during the second quarter, now holding approximately 1,050,677 shares worth around $51,263,000.
• TC Energy announced a quarterly dividend increase to $0.6148, reflecting a 4.7% yield, to be paid on October 31st to shareholders of record as of September 29th.
• Wall Street analysts maintain a generally favorable outlook on TC Energy, with an average rating of "Moderate Buy" and an average price target of $62.00.

Exchange Traded Concepts LLC trimmed its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,050,677 shares of the pipeline company's stock after selling 65,858 shares during the quarter. TC Energy accounts for approximately 0.6% of Exchange Traded Concepts LLC's investment portfolio, making the stock its 26th biggest position. Exchange Traded Concepts LLC owned 0.10% of TC Energy worth $51,263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRP. Lowe Wealth Advisors LLC purchased a new position in TC Energy during the 1st quarter valued at about $30,000. TruNorth Capital Management LLC acquired a new stake in TC Energy in the 1st quarter valued at about $45,000. Truvestments Capital LLC acquired a new stake in TC Energy in the 1st quarter valued at about $45,000. Golden State Wealth Management LLC raised its position in 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. Finally, SBI Securities Co. Ltd. raised its position in TC Energy by 75.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after purchasing an additional 501 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Up 0.5%

Shares of TRP stock opened at $52.36 on Thursday. The business's 50 day moving average is $49.99 and its two-hundred day moving average is $49.01. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.57. The company has a market capitalization of $54.45 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 4.99 and a beta of 0.77. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54.

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

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a $0.6148 dividend. This is an increase from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. TC Energy's dividend payout ratio (DPR) is 85.32%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TRP. Wall Street Zen raised TC Energy from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Finally, US Capital Advisors lowered TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.

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