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 reduced its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.4% in the first quarter, according to its most recent 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 quarter. Korea Investment CORP owned approximately 0.06% of TC Energy worth $27,060,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aviso Financial Inc. raised its holdings in TC Energy by 2.6% during the 1st quarter. Aviso Financial Inc. now owns 247,997 shares of the pipeline company's stock valued at $11,716,000 after buying an additional 6,339 shares during the last quarter. Northern Trust Corp raised its holdings in TC Energy by 11.2% during the 1st quarter. Northern Trust Corp now owns 860,512 shares of the pipeline company's stock valued at $40,625,000 after buying an additional 86,438 shares during the last quarter. Versor Investments LP bought a new position in TC Energy in the 1st quarter worth $841,000. Northwest & Ethical Investments L.P. raised its holdings in TC Energy by 35.5% in the 1st 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 in the last quarter. Finally, Partners Group Holding AG raised its holdings in TC Energy by 22.9% in the 1st 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 in the last quarter. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Down 0.6%

Shares of NYSE:TRP traded down $0.2870 during midday trading on Monday, reaching $50.9530. The company's stock had a trading volume of 428,389 shares, compared to its average volume of 2,316,089. TC Energy Corporation has a 12-month low of $40.76 and a 12-month high of $52.10. The firm has a 50 day moving average of $48.56 and a 200-day moving average of $48.30. The firm has a market capitalization of $52.99 billion, a P/E ratio of 17.39, a PEG ratio of 4.91 and a beta of 0.75. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

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. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the firm posted $0.79 EPS. On average, research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given a dividend of $0.6148 per share. This is a positive change from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a yield of 4.8%. TC Energy's payout ratio is currently 85.32%.

Analysts Set New Price Targets

Several research analysts have commented on TRP shares. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. Barclays restated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Finally, CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, TC Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

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.