Hsbc Holdings PLC Sells 412,008 Shares of TC Energy Corporation $TRP

Key Points

• HSBC Holdings PLC cut its stake in TC Energy by 75.3% in the fourth quarter, selling 412,008 shares and leaving it with 135,190 shares valued at about $7.4 million.
• TC Energy reported quarterly earnings of $0.72 per share, topping estimates, though revenue of $2.04 billion came in below expectations. Analysts currently expect full-year earnings of 2.73 per share.
• The company announced a quarterly dividend of $0.8775 per share, implying an annualized yield of about 5.1%, while analysts maintain an overall Moderate Buy rating with an average price target of $78.50.

Hsbc Holdings PLC trimmed its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 75.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,190 shares of the pipeline company's stock after selling 412,008 shares during the quarter. Hsbc Holdings PLC's holdings in TC Energy were worth $7,415,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TRP. Annis Gardner Whiting Capital Advisors LLC bought a new stake in TC Energy during the 4th quarter valued at $25,000. Trust Co. of Vermont bought a new position in shares of TC Energy in the fourth quarter valued at $28,000. McIlrath & Eck LLC acquired a new position in shares of TC Energy during the fourth quarter valued at about $32,000. SWAN Capital LLC acquired a new position in shares of TC Energy during the third quarter valued at about $40,000. Finally, Glen Eagle Advisors LLC bought a new stake in shares of TC Energy during the fourth quarter worth about $44,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Trading Up 0.2%

Shares of TRP stock opened at $68.97 on Thursday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The firm has a market cap of $71.86 billion, a P/E ratio of 29.93 and a beta of 0.66. The company has a 50 day moving average of $67.87 and a 200-day moving average of $62.85. TC Energy Corporation has a 12-month low of $46.29 and a 12-month high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.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 business earned $0.95 earnings per share. Sell-side analysts anticipate that TC Energy Corporation will post 2.73 earnings per share for the current year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Tuesday, June 30th. TC Energy's payout ratio is currently 107.39%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TRP shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of TC Energy in a research report on Monday, May 4th. Scotiabank reissued an "outperform" rating on shares of TC Energy in a report on Monday, May 4th. TD Securities reissued a "hold" rating on shares of TC Energy in a research report on Monday, May 4th. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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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