Heronetta Management L.P. Has $740,000 Stock Holdings in TC Energy Corporation $TRP

Key Points

• Heronetta Management L.P. cut its TC Energy stake by 91.4% in the first quarter, leaving it with 11,816 shares worth about $740,000.
• TC Energy reported Q1 EPS of $0.72, slightly ahead of estimates, though revenue of $2.04 billion came in below expectations and down from the prior year.
• The company declared a quarterly dividend of $0.8775 per share, implying an annualized yield of about 5.2%; analysts currently rate the stock a Moderate Buy with an average target price of $78.50.

Heronetta Management L.P. reduced its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 91.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,816 shares of the pipeline company's stock after selling 125,500 shares during the period. TC Energy makes up about 0.7% of Heronetta Management L.P.'s investment portfolio, making the stock its 13th largest position. Heronetta Management L.P.'s holdings in TC Energy were worth $740,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of TC Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company's stock worth $2,632,200,000 after acquiring an additional 980,221 shares during the period. FIL Ltd increased its holdings in TC Energy by 3.9% in the 4th quarter. FIL Ltd now owns 28,305,789 shares of the pipeline company's stock valued at $1,558,669,000 after buying an additional 1,052,166 shares during the period. TD Asset Management Inc lifted its holdings in shares of TC Energy by 6.3% during the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock worth $1,150,656,000 after acquiring an additional 1,244,525 shares during the period. GQG Partners LLC boosted its position in shares of TC Energy by 586.5% during the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company's stock valued at $890,711,000 after acquiring an additional 13,801,371 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of TC Energy by 63.2% during the 4th quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company's stock valued at $846,288,000 after acquiring an additional 5,956,263 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Price Performance

Shares of TRP stock traded down $0.69 during trading hours on Friday, hitting $67.27. 3,079,252 shares of the company's stock were exchanged, compared to its average volume of 2,495,869. TC Energy Corporation has a 52 week low of $46.61 and a 52 week high of $71.47. The stock has a market cap of $70.09 billion, a price-to-earnings ratio of 29.20 and a beta of 0.66. 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 stock's 50-day moving average is $68.04 and its 200-day moving average is $62.98.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, research analysts forecast 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. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.2%. TC Energy's payout ratio is presently 107.39%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TRP shares. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. BMO Capital Markets reiterated an "outperform" rating on shares of TC Energy in a research note on Monday, May 4th. TD Securities restated a "hold" rating on shares of TC Energy in a research note on Monday, May 4th. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. Finally, Weiss Ratings downgraded shares of TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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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