First Trust Advisors LP Sells 104,051 Shares of TC Energy Corporation $TRP

Key Points

• First Trust Advisors reduced its TC Energy stake by 12.6%, selling 104,051 shares and retaining 720,201 shares valued at approximately $45.1 million. Institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.72, exceeding estimates of $0.70, while revenue of $2.04 billion fell short of the $2.20 billion consensus forecast.
• The company announced a quarterly dividend of $0.8775 per share, equivalent to an annualized $3.51 and a 5.0% yield. Analysts maintain a “Moderate Buy” consensus rating with a $78.50 average price target.

First Trust Advisors LP lessened its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 12.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 720,201 shares of the pipeline company's stock after selling 104,051 shares during the quarter. First Trust Advisors LP owned about 0.07% of TC Energy worth $45,088,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in TC Energy by 80.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 526,181 shares of the pipeline company's stock valued at $28,945,000 after purchasing an additional 234,594 shares in the last quarter. Generali Asset Management SPA SGR lifted its position in TC Energy by 261.0% in the fourth quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock valued at $4,121,000 after purchasing an additional 54,154 shares during the last quarter. Vanguard Group Inc. raised its holdings in TC Energy by 2.1% during 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 buying an additional 980,221 shares during the last quarter. Miller Howard Investments Inc. NY boosted its holdings in shares of TC Energy by 14.0% during the first quarter. Miller Howard Investments Inc. NY now owns 1,294,518 shares of the pipeline company's stock worth $81,037,000 after purchasing an additional 158,686 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its holdings in TC Energy by 1.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 4,806,132 shares of the pipeline company's stock worth $263,516,000 after buying an additional 58,624 shares during the period. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Down 0.0%

Shares of NYSE:TRP opened at $70.58 on Monday. The business has a 50 day simple moving average of $68.61 and a two-hundred day simple moving average of $63.99. TC Energy Corporation has a 1 year low of $46.61 and a 1 year high of $71.47. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The firm has a market capitalization of $73.54 billion, a PE ratio of 30.63 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 10.74% and a net margin of 22.22%.During the same quarter last year, the firm posted $0.95 earnings per share. On average, equities analysts predict that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. 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 5.0%. TC Energy's payout ratio is 107.39%.

Wall Street Analyst Weigh In

TRP has been the topic of a number of research reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings cut TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Royal Bank Of Canada increased their price objective on shares of TC Energy from $92.00 to $95.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Morgan Stanley downgraded TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. Finally, Scotiabank reiterated an "outperform" rating on shares of TC Energy in a report on Tuesday, July 21st. One investment 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's stock. According to data from MarketBeat, TC Energy presently has an average rating of "Moderate Buy" and a consensus target price of $78.50.

TC Energy Company 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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