Korea Investment CORP Sells 52,523 Shares of TC Energy Corporation $TRP

Key Points

• Korea Investment CORP has reduced its holdings in TC Energy Corporation by 8.4%, selling 52,523 shares and now owning approximately 0.06% of the company valued at $27 million.
• In Q1, institutional investors showed significant activity with Northern Trust Corp increasing its stake by 11.2%, while Partners Group Holding AG grew its holdings by 22.9% during the same period.
• TC Energy recently announced an increase in its quarterly dividend to $0.6148, representing a yield of 4.8%, with an annualized payout of $2.46.

Korea Investment CORP cut its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 573,083 shares of the pipeline company's stock after selling 52,523 shares during the period. Korea Investment CORP owned approximately 0.06% of TC Energy worth $27,060,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Aviso Financial Inc. lifted its stake in shares of TC Energy by 2.6% in the 1st quarter. Aviso Financial Inc. now owns 247,997 shares of the pipeline company's stock valued at $11,716,000 after acquiring an additional 6,339 shares during the last quarter. Northern Trust Corp increased its stake in TC Energy by 11.2% in the 1st quarter. Northern Trust Corp now owns 860,512 shares of the pipeline company's stock worth $40,625,000 after purchasing an additional 86,438 shares during the period. Versor Investments LP purchased a new stake in shares of TC Energy during the first quarter valued at approximately $841,000. Northwest & Ethical Investments L.P. grew its holdings in shares of TC Energy by 35.5% in the first quarter. Northwest & Ethical Investments L.P. now owns 302,252 shares of the pipeline company's stock worth $14,283,000 after purchasing an additional 79,261 shares during the last quarter. Finally, Partners Group Holding AG grew its holdings in shares of TC Energy by 22.9% in the first quarter. Partners Group Holding AG now owns 748,084 shares of the pipeline company's stock worth $35,767,000 after purchasing an additional 139,633 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

TC Energy Price Performance

Shares of TRP stock opened at $51.1130 on Wednesday. The business's fifty day moving average is $48.45 and its 200 day moving average is $48.18. 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 stock has a market cap of $53.16 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 4.83 and a beta of 0.75. TC Energy Corporation has a twelve month low of $40.00 and a twelve month high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same quarter last year, the firm posted $0.79 earnings per share. Research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. This is a boost from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. TC Energy's dividend payout ratio is currently 83.62%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.