Principal Financial Group Inc. Has $7.97 Million Stock Holdings in TC Energy Corporation $TRP

Key Points

• Principal Financial Group reduced its TC Energy stake by 33.4% in the first quarter, selling 64,000 shares and retaining 127,734 shares valued at approximately $7.97 million.
• Other major institutions increased their exposure, including GQG Partners, Norges Bank and Deutsche Bank; institutional investors collectively own 83.13% of TC Energy’s stock.
• Analysts rate TC Energy a consensus “Moderate Buy” with a $78.50 price target. The company reported quarterly EPS of $0.72, ahead of estimates, and announced a $0.8775 quarterly dividend, representing a 5.0% yield.

Principal Financial Group Inc. decreased its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 33.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,734 shares of the pipeline company's stock after selling 64,000 shares during the period. Principal Financial Group Inc.'s holdings in TC Energy were worth $7,973,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. GQG Partners LLC lifted its stake in TC Energy by 586.5% in the fourth quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company's stock valued at $890,711,000 after buying an additional 13,801,371 shares during the period. Norges Bank acquired a new stake in shares of TC Energy during the 4th quarter worth approximately $583,732,000. Deutsche Bank AG grew its position in shares of TC Energy by 63.2% during the 4th quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company's stock worth $846,288,000 after buying an additional 5,956,263 shares during the period. BROOKFIELD Corp ON bought a new stake in shares of TC Energy in the 2nd quarter valued at $78,443,000. Finally, TD Asset Management Inc increased its stake in shares of TC Energy by 6.3% in the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock valued at $1,150,656,000 after acquiring an additional 1,244,525 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TRP. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. National Bank Financial raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. Scotiabank restated an "outperform" rating on shares of TC Energy in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group raised TC Energy from a "sell" rating to a "neutral" rating and boosted their target price for the company from $53.00 to $62.00 in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, TC Energy presently has an average rating of "Moderate Buy" and a consensus price target of $78.50.

TC Energy Price Performance

Shares of TRP opened at $70.58 on Monday. The business's fifty day moving average is $68.61 and its 200 day moving average is $63.99. TC Energy Corporation has a 12-month low of $46.61 and a 12-month high of $71.47. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The stock has a market cap of $73.54 billion, a P/E ratio of 30.63 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Sell-side analysts anticipate that TC Energy Corporation will post 2.72 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.0%. TC Energy's payout ratio is presently 107.39%.

TC Energy 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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