Hennessy Advisors Inc. Reduces Holdings in TC Energy Corporation $TRP

Key Points

• Hennessy Advisors reduced its stake in TC Energy by 6.2%, selling 33,100 shares to end the quarter with 501,530 shares valued at about $27.59 million, and institutional investors now own roughly 83.13% of the company.
• Analysts are split on the stock: consensus is a "Moderate Buy" with a $77 target, while several firms have recently moved ratings between "strong‑buy"/"outperform" and "hold".
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51) for a 5.8% yield, but the dividend payout ratio is elevated at about 108.6%, raising questions about sustainability.

Hennessy Advisors Inc. lowered its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 501,530 shares of the pipeline company's stock after selling 33,100 shares during the period. Hennessy Advisors Inc.'s holdings in TC Energy were worth $27,589,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. boosted its stake in TC Energy by 2.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,991 shares of the pipeline company's stock worth $544,000 after buying an additional 200 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its stake in TC Energy by 2.8% during the third quarter. Kingswood Wealth Advisors LLC now owns 7,342 shares of the pipeline company's stock worth $399,000 after buying an additional 202 shares during the last quarter. Kennebec Savings Bank boosted its stake in TC Energy by 2.1% during the fourth quarter. Kennebec Savings Bank now owns 9,854 shares of the pipeline company's stock worth $542,000 after buying an additional 203 shares during the last quarter. Checchi Capital Advisers LLC boosted its stake in TC Energy by 3.4% during the third quarter. Checchi Capital Advisers LLC now owns 6,171 shares of the pipeline company's stock worth $336,000 after buying an additional 204 shares during the last quarter. Finally, JCIC Asset Management Inc. boosted its stake in TC Energy by 6.2% during the fourth quarter. JCIC Asset Management Inc. now owns 3,746 shares of the pipeline company's stock worth $206,000 after buying an additional 220 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Raymond James Financial raised TC Energy to a "hold" rating in a research note on Tuesday, February 17th. Canadian Imperial Bank of Commerce lowered TC Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Scotiabank reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, February 17th. National Bank Financial lowered TC Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of TC Energy in a research note on Wednesday, January 28th. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.00.

TC Energy Stock Performance

Shares of TC Energy stock opened at $60.61 on Monday. TC Energy Corporation has a 52 week low of $46.29 and a 52 week high of $65.57. The business's fifty day simple moving average is $63.03 and its 200-day simple moving average is $57.29. The firm has a market cap of $63.14 billion, a PE ratio of 26.08 and a beta of 0.69. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66.

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

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Tuesday, March 31st. This is an increase from TC Energy's previous quarterly dividend of $0.85. TC Energy's dividend payout ratio (DPR) is currently 108.62%.

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.