Exchange Traded Concepts LLC Has $51.26 Million Stock Position 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 lessened its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,050,677 shares of the pipeline company's stock after selling 65,858 shares during the period. TC Energy comprises 0.6% of Exchange Traded Concepts LLC's portfolio, making the stock its 26th largest position. Exchange Traded Concepts LLC owned 0.10% of TC Energy worth $51,263,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Lowe Wealth Advisors LLC bought a new stake in TC Energy during the 1st quarter valued at $30,000. TruNorth Capital Management LLC bought a new stake in TC Energy during the 1st quarter valued at $45,000. Truvestments Capital LLC bought a new stake in TC Energy during the 1st quarter valued at $45,000. Golden State Wealth Management LLC increased its position in shares of TC Energy by 222.2% during 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 during the period. Finally, SBI Securities Co. Ltd. increased its position in shares of TC Energy by 75.3% during 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 during the period. Institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

Shares of NYSE TRP traded down $0.09 during mid-day trading on Friday, reaching $52.57. The company had a trading volume of 1,243,385 shares, compared to its average volume of 1,694,525. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a market cap of $54.69 billion, a PE ratio of 17.94, a P/E/G ratio of 5.05 and a beta of 0.77. The company has a 50-day moving average price of $50.20 and a two-hundred day moving average price of $49.12. TC Energy Corporation has a 1-year low of $40.76 and a 1-year high of $53.08.

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

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, September 29th. TC Energy's dividend payout ratio is presently 85.32%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, US Capital Advisors cut TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.