HighTower Advisors LLC Sells 18,957 Shares of TC Energy Corporation $TRP

Key Points

• HighTower Advisors LLC reduced its holdings in TC Energy Corporation by 4.7%, owning 382,263 shares worth approximately $18 million after selling 18,957 shares in the first quarter.
• TC Energy reported earnings of $0.59 EPS in its last quarterly results, surpassing analyst expectations of $0.56, despite a revenue of $1.82 billion which fell short of the $2.56 billion estimate.
• The company declared a quarterly dividend of $0.6148, which is an increase from the previous $0.61, representing a dividend yield of 4.8%.

HighTower Advisors LLC decreased its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 382,263 shares of the pipeline company's stock after selling 18,957 shares during the period. HighTower Advisors LLC's holdings in TC Energy were worth $18,047,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TRP. Goldman Sachs Group Inc. increased its holdings in TC Energy by 2,565.1% in the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after buying an additional 15,694,336 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of TC Energy by 80.3% in the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock valued at $802,164,000 after purchasing an additional 7,562,887 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of TC Energy by 175.1% during the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock valued at $271,845,000 after acquiring an additional 3,664,862 shares in the last quarter. Blackstone Inc. lifted its holdings in shares of TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in TC Energy by 31.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock worth $444,885,000 after buying an additional 2,242,918 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Trading Down 0.8%

Shares of NYSE:TRP traded down $0.41 during mid-day trading on Thursday, hitting $51.46. The stock had a trading volume of 1,202,494 shares, compared to its average volume of 1,487,435. The company has a market cap of $53.52 billion, a PE ratio of 17.56, a P/E/G ratio of 4.97 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The company's 50 day moving average is $48.53 and its 200-day moving average is $48.25. TC Energy Corporation has a 12-month low of $40.13 and a 12-month high of $52.10.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data 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 firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter in the prior year, the business earned $0.79 EPS. On average, sell-side analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This represents a $2.46 annualized dividend and a yield of 4.8%. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is 85.32%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TRP shares. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy 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.