Legal & General Group Plc Trims Stock Position in TC Energy Corporation $TRP

Key Points

• Legal & General trimmed its TC Energy stake by 4.0% in Q3, selling 389,747 shares and now holds 9,255,432 shares (about 0.89% of the company) valued at $503.35 million.
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51), implying a ~5.5% yield with an ex‑dividend date of March 31 and a notably high payout ratio of 106.9%.
• Analysts' consensus is an average "Hold" rating with a $72.50 price target (7 Buy / 6 Hold / 1 Sell); the company reported Q EPS of $0.70 (beat) while revenue missed expectations.

Legal & General Group Plc decreased its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,255,432 shares of the pipeline company's stock after selling 389,747 shares during the period. Legal & General Group Plc owned 0.89% of TC Energy worth $503,351,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in TC Energy by 54.0% during the first quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company's stock worth $538,000 after acquiring an additional 3,892 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of TC Energy by 46.1% during the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company's stock worth $588,000 after purchasing an additional 3,929 shares during the period. Intech Investment Management LLC raised its holdings in TC Energy by 200.7% in the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company's stock valued at $1,269,000 after buying an additional 17,939 shares during the period. Bank of New York Mellon Corp lifted its position in TC Energy by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 918,293 shares of the pipeline company's stock valued at $44,804,000 after buying an additional 3,052 shares during the last quarter. Finally, Savant Capital LLC purchased a new position in TC Energy during the second quarter worth about $271,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TRP. Morgan Stanley reissued an "overweight" rating on shares of TC Energy in a research note on Wednesday, January 28th. National Bank Financial downgraded shares of TC Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 17th. Royal Bank Of Canada boosted their target price on TC Energy from $84.00 to $92.00 and gave the company an "outperform" rating in a research report on Tuesday, February 17th. Raymond James Financial upgraded TC Energy to a "hold" rating in a research note on Tuesday, February 17th. Finally, The Goldman Sachs Group lifted their price objective on TC Energy from $48.00 to $53.00 and gave the company a "sell" rating in a research note on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $72.50.

TC Energy Trading Up 0.5%

TRP opened at $63.69 on Wednesday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. TC Energy Corporation has a one year low of $43.59 and a one year high of $65.57. The business's 50-day simple moving average is $59.06 and its 200-day simple moving average is $55.17. The company has a market cap of $66.31 billion, a P/E ratio of 27.40 and a beta of 0.72.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.94 billion. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.During the same quarter in the previous year, the business earned $1.05 earnings per share. As a group, equities research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a dividend yield of 5.5%. This is an increase from TC Energy's previous quarterly dividend of $0.85. TC Energy's payout ratio is presently 106.90%.

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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