TC Energy Corporation (NYSE:TRP) Stake Decreased by Mondrian Investment Partners LTD

Key Points

• Mondrian Investment Partners LTD has reduced its stake in TC Energy Corporation by 16.2% in Q1, holding 3,505,260 shares valued at approximately $165.48 million.
• Multiple institutional investors, including Goldman Sachs and Deutsche Bank, significantly increased their holdings in TC Energy during the same period, highlighting strong institutional interest in the company.
• TC Energy recently announced a quarterly dividend increase to $0.6148 per share, with a yield of 4.9%, set to be paid on October 31st.

Mondrian Investment Partners LTD cut its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 16.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,505,260 shares of the pipeline company's stock after selling 678,385 shares during the period. TC Energy accounts for 2.8% of Mondrian Investment Partners LTD's holdings, making the stock its 9th biggest position. Mondrian Investment Partners LTD owned about 0.34% of TC Energy worth $165,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC acquired a new stake in TC Energy during the first quarter valued at $30,000. TruNorth Capital Management LLC acquired a new stake in TC Energy during the first quarter valued at $45,000. Golden State Wealth Management LLC grew its position in TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after buying an additional 742 shares during the period. SBI Securities Co. Ltd. grew its position in TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after buying an additional 501 shares during the period. Finally, HM Payson & Co. acquired a new stake in TC Energy during the first quarter valued at $60,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Price Performance

Shares of NYSE:TRP traded down $0.18 during midday trading on Friday, hitting $51.04. The company's stock had a trading volume of 1,218,308 shares, compared to its average volume of 1,510,380. The business's 50 day simple moving average is $48.40 and its 200 day simple moving average is $48.08. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The company has a market cap of $53.08 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 4.90 and a beta of 0.75. TC Energy Corporation has a 12-month low of $39.79 and a 12-month high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same period last year, the firm posted $0.79 earnings per share. On average, analysts forecast that TC Energy Corporation will post 2.63 EPS 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 paid 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 4.8%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's payout ratio is 85.32%.

Analysts Set New Price Targets

Several equities analysts have issued reports on TRP shares. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a report on Thursday. CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Finally, Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.