NewEdge Advisors LLC Reduces Holdings in TC Energy Corporation $TRP

Key Points

• NewEdge Advisors cut its TC Energy stake by 55.2% in the second quarter, selling 24,322 shares and retaining 19,750 shares valued at approximately $1.31 million. Institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.68, exceeding analyst expectations of $0.61, while revenue of $2.80 billion also topped estimates. Analysts project full-year EPS of $2.79.
• The company declared a quarterly dividend of $0.8775, or $3.51 annually, representing a 5.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

NewEdge Advisors LLC lowered its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 55.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,750 shares of the pipeline company's stock after selling 24,322 shares during the quarter. NewEdge Advisors LLC's holdings in TC Energy were worth $1,309,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in TC Energy by 89.6% in the 2nd quarter. IFP Advisors Inc now owns 2,943 shares of the pipeline company's stock worth $195,000 after purchasing an additional 1,391 shares in the last quarter. Squarepoint Ops LLC increased its stake in TC Energy by 3,030.3% during the 2nd quarter. Squarepoint Ops LLC now owns 30,417 shares of the pipeline company's stock valued at $2,016,000 after purchasing an additional 31,455 shares in the last quarter. Nykredit A S acquired a new position in TC Energy during the 2nd quarter valued at approximately $24,158,000. Allianz Asset Management GmbH raised its holdings in shares of TC Energy by 14.1% in the second quarter. Allianz Asset Management GmbH now owns 618,384 shares of the pipeline company's stock worth $40,936,000 after buying an additional 76,601 shares during the last quarter. Finally, Amundi raised its holdings in shares of TC Energy by 7.5% in the second quarter. Amundi now owns 4,955,656 shares of the pipeline company's stock worth $328,510,000 after buying an additional 347,326 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of TRP opened at $61.46 on Monday. The business's 50-day moving average is $64.58 and its two-hundred day moving average is $65.32. The company has a market capitalization of $61.46 billion, a P/E ratio of 25.50 and a beta of 0.66. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business earned $0.82 earnings per share. Research analysts predict that TC Energy Corporation will post 2.79 earnings per share for the current year.

TC Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Tuesday, September 29th. TC Energy's payout ratio is currently 104.98%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a report on Tuesday, May 26th. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. TD Securities upgraded TC Energy from a "hold" rating to a "buy" rating in a research note on Monday, September 14th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. Finally, Raymond James Financial reiterated a "market perform" rating on shares of TC Energy in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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