Hennessy Advisors Inc. Sells 44,600 Shares of TC Energy Corporation $TRP

Key Points

• Hennessy Advisors Inc. has reduced its stake in TC Energy Corporation by 7.4%, selling 44,600 shares during the second quarter, resulting in ownership of 557,830 shares valued at approximately $27.2 million.
• TC Energy recently increased its quarterly dividend to $0.6148 per share, with an annualized rate of $2.46 and a dividend yield of 4.5%.
• Following recent earnings, where TC Energy reported $0.59 earnings per share, analysts have varying ratings with a consensus of Moderate Buy and an average price target of $62.00.

Hennessy Advisors Inc. reduced its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 557,830 shares of the pipeline company's stock after selling 44,600 shares during the period. Hennessy Advisors Inc. owned 0.05% of TC Energy worth $27,217,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Hilltop National Bank bought a new position in TC Energy in the 2nd quarter worth about $32,000. TruNorth Capital Management LLC bought a new position in shares of TC Energy during the first quarter valued at approximately $45,000. Truvestments Capital LLC bought a new position in shares of TC Energy during the first quarter valued at approximately $45,000. Golden State Wealth Management LLC boosted its stake in shares of TC Energy by 222.2% during the first 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. boosted its stake in shares of TC Energy by 75.3% during the first 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 institutional investors.

TC Energy Price Performance

Shares of TRP opened at $55.16 on Friday. The company has a market cap of $57.38 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 5.21 and a beta of 0.75. TC Energy Corporation has a twelve month low of $43.51 and a twelve month high of $55.34. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The company has a 50 day moving average of $51.37 and a two-hundred day moving average of $49.61.

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. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same period last year, the firm earned $0.79 earnings per share. As a group, analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a dividend of $0.6148 per share. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.5%. TC Energy's payout ratio is presently 84.30%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TRP shares. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Wall Street Zen downgraded shares of TC Energy from a "hold" rating to a "sell" rating in a research note on Friday. Weiss Ratings reiterated a "buy (b-)" rating on shares of TC Energy in a research note on Saturday, September 27th. Finally, Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Thursday, August 14th. 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 given a Sell rating to the company's stock. According to MarketBeat, TC Energy currently has a consensus 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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