LPL Financial LLC Sells 104,749 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• LPL Financial LLC has reduced its stake in TC Energy Corporation by 11.5%, selling 104,749 shares, leaving it with 806,260 shares valued at $38,064,000.
• TC Energy recently announced a quarterly dividend increase to $0.6148 per share, representing a yield of 5.1%, with the ex-dividend date set for September 29th.
• According to analysts, TC Energy has a consensus rating of "Moderate Buy" with an average price target of $62.00 after various brokerage upgrades.

LPL Financial LLC cut its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 806,260 shares of the pipeline company's stock after selling 104,749 shares during the period. LPL Financial LLC owned 0.08% of TC Energy worth $38,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Benjamin Edwards Inc. raised its stake in shares of TC Energy by 1.7% in the fourth quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock worth $745,000 after acquiring an additional 273 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in shares of TC Energy by 3.6% in the first quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company's stock worth $468,000 after acquiring an additional 344 shares during the last quarter. FSM Wealth Advisors LLC boosted its stake in shares of TC Energy by 9.2% in the 1st quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company's stock valued at $243,000 after purchasing an additional 432 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of TC Energy by 75.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after purchasing an additional 501 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of TC Energy by 6.9% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,764 shares of the pipeline company's stock valued at $361,000 after purchasing an additional 502 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TRP. CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Finally, Citigroup began coverage on shares of TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Price Performance

NYSE TRP opened at $48.39 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61. TC Energy Corporation has a 12-month low of $37.41 and a 12-month high of $51.99. The company has a market capitalization of $50.32 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 4.64 and a beta of 0.75. The firm's 50 day moving average is $48.54 and its 200-day moving average is $47.87.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.10%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the company earned $0.79 earnings per share. Equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.6148 per share. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 5.1%. TC Energy's dividend payout ratio is presently 82.51%.

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.

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