Kayne Anderson Capital Advisors LP Sells 367,556 Shares of TC Energy Corporation (NYSE:TRP)

Kayne Anderson Capital Advisors LP trimmed its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 7.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,474,699 shares of the pipeline company's stock after selling 367,556 shares during the quarter. TC Energy accounts for about 4.7% of Kayne Anderson Capital Advisors LP's holdings, making the stock its 9th biggest holding. Kayne Anderson Capital Advisors LP owned approximately 0.43% of TC Energy worth $211,251,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. BROOKFIELD Corp ON grew its position in TC Energy by 31.6% during the 4th quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock valued at $87,950,000 after purchasing an additional 454,011 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in TC Energy by 7.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock valued at $10,463,000 after acquiring an additional 16,334 shares during the period. Bank of New York Mellon Corp lifted its stake in TC Energy by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after acquiring an additional 10,227 shares during the period. Farther Finance Advisors LLC lifted its stake in TC Energy by 77.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock valued at $110,000 after acquiring an additional 1,005 shares during the period. Finally, Wealthstar Advisors LLC bought a new position in TC Energy during the 1st quarter valued at about $432,000. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Finally, Citigroup began coverage on TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Price Performance

TRP traded down $0.38 during trading on Monday, reaching $47.40. 1,373,040 shares of the stock were exchanged, compared to its average volume of 2,454,956. The business's 50 day moving average price is $48.93 and its two-hundred day moving average price is $47.85. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The company has a market capitalization of $49.29 billion, a price-to-earnings ratio of 16.70, a P/E/G ratio of 4.60 and a beta of 0.76. TC Energy Corporation has a 1 year low of $40.95 and a 1 year high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). TC Energy had a net margin of 29.17% and a return on equity of 11.41%. The company had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $0.6142 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.46 annualized dividend and a dividend yield of 5.18%. TC Energy's dividend payout ratio is presently 82.51%.

About TC Energy

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.