Maryland State Retirement & Pension System Sells 56,266 Shares of TC Energy Corporation $TRP

Key Points

• The Maryland State Retirement & Pension System reduced its stake in TC Energy Corporation by 4.0%, owning 1,364,049 shares after selling 56,266 shares during the second quarter.
• Several major investors, including Goldman Sachs and Bank of Nova Scotia, significantly increased their stakes in TC Energy during the first quarter, reflecting growing institutional interest.
• TC Energy announced a quarterly dividend of $0.6148, an increase from its previous dividend, which results in a 4.5% yield for shareholders.

Maryland State Retirement & Pension System reduced its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,364,049 shares of the pipeline company's stock after selling 56,266 shares during the quarter. TC Energy accounts for 1.5% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 9th biggest holding. Maryland State Retirement & Pension System owned about 0.13% of TC Energy worth $66,644,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRP. Goldman Sachs Group Inc. raised its stake in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after purchasing an additional 15,694,336 shares during the period. Bank of Nova Scotia increased its stake in shares of TC Energy by 80.3% in the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after acquiring an additional 7,562,887 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of TC Energy by 34.2% in the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock worth $935,627,000 after acquiring an additional 5,053,228 shares during the last quarter. Deutsche Bank AG increased its stake in shares of TC Energy by 175.1% in the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock worth $271,845,000 after acquiring an additional 3,664,862 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of TC Energy by 31.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock worth $444,885,000 after acquiring an additional 2,242,918 shares during the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRP. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Wall Street Zen downgraded shares of TC Energy from a "hold" rating to a "sell" rating in a research note on Friday, October 3rd. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research note on Thursday, August 14th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of TC Energy in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Trading Down 0.8%

Shares of NYSE:TRP opened at $54.24 on Thursday. The company has a market cap of $56.42 billion, a P/E ratio of 18.51, a P/E/G ratio of 5.12 and a beta of 0.75. The stock's 50-day moving average is $51.82 and its 200-day moving average is $49.73. TC Energy Corporation has a 52-week low of $43.51 and a 52-week high of $55.37. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61.

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

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a $0.6148 dividend. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio (DPR) is 84.30%.

TC Energy Company 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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