First Trust Advisors LP Has $47.43 Million Stock Position in TC Energy Corporation $TRP

Key Points

• First Trust Advisors LP reduced its position in TC Energy by 8.8% in Q3 and now holds 871,851 shares worth about $47.43 million.
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51), implying a 5.6% yield with an ex-dividend date of March 31 and a payout ratio of 110.78%.
• The company beat EPS expectations ( $0.70 vs. $0.65) but missed on revenue ($2.20B vs. $2.94B expected); analysts’ consensus is a "Hold" with an average price target of $72.50.

First Trust Advisors LP reduced its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 871,851 shares of the pipeline company's stock after selling 84,067 shares during the quarter. First Trust Advisors LP owned about 0.08% of TC Energy worth $47,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. raised its stake in shares of TC Energy by 100.0% during the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company's stock worth $32,000 after buying an additional 297 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in TC Energy by 237.4% in the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company's stock valued at $43,000 after buying an additional 565 shares during the period. Sagard Holdings Management Inc. bought a new position in TC Energy in the second quarter valued at approximately $46,000. City Holding Co. acquired a new stake in TC Energy during the 3rd quarter worth $72,000. Finally, First Horizon Corp acquired a new stake in TC Energy during the 3rd quarter worth $77,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Trading Down 0.8%

Shares of NYSE TRP opened at $63.14 on Thursday. TC Energy Corporation has a twelve month low of $43.59 and a twelve month high of $65.57. The stock has a market cap of $65.74 billion, a price-to-earnings ratio of 27.17 and a beta of 0.72. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The company's fifty day moving average is $59.22 and its 200-day moving average is $55.23.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. The business had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same quarter in the prior year, the company earned $1.05 EPS. Equities research analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. This is an increase from TC Energy's previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. TC Energy's dividend payout ratio is currently 110.78%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TRP shares. Raymond James Financial raised TC Energy to a "hold" rating in a research note on Tuesday, February 17th. Morgan Stanley reaffirmed an "overweight" rating on shares of TC Energy in a research note on Wednesday, January 28th. TD Securities downgraded TC Energy from a "buy" rating to a "hold" rating in a report on Tuesday, February 17th. Royal Bank Of Canada increased their target price on TC Energy from $84.00 to $92.00 and gave the company an "outperform" rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of TC Energy in a report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $72.50.

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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