ProShare Advisors LLC Cuts Stock Holdings in TC Energy Co. (NYSE:TRP)

ProShare Advisors LLC decreased its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 6.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,122 shares of the pipeline company's stock after selling 7,579 shares during the period. ProShare Advisors LLC's holdings in TC Energy were worth $5,505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of TRP. Norges Bank purchased a new stake in shares of TC Energy during the 4th quarter valued at $428,759,000. Mufg Securities Canada LTD. increased its position in TC Energy by 571.7% during the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock valued at $288,043,000 after buying an additional 5,264,079 shares in the last quarter. Blackstone Inc. raised its stake in TC Energy by 83.8% in the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after buying an additional 3,482,874 shares during the last quarter. FIL Ltd raised its stake in TC Energy by 10.3% in the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock valued at $1,325,558,000 after buying an additional 2,644,627 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in TC Energy in the fourth quarter worth about $102,405,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRP has been the topic of several recent analyst reports. Royal Bank of Canada upped their price objective on shares of TC Energy from $71.00 to $74.00 and gave the company an "outperform" rating in a report on Tuesday, February 18th. Wall Street Zen downgraded shares of TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Veritas raised shares of TC Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Citigroup assumed coverage on shares of TC Energy in a research note on Friday, April 4th. They set a "neutral" rating for the company. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Performance

Shares of TC Energy stock traded down $0.32 during trading on Thursday, hitting $49.52. 1,348,791 shares of the company's stock were exchanged, compared to its average volume of 2,505,404. The stock has a market capitalization of $51.49 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 4.34 and a beta of 0.78. The business has a 50-day simple moving average of $48.61 and a 200-day simple moving average of $47.54. TC Energy Co. has a 52-week low of $37.07 and a 52-week high of $51.34. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.04). The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same period in the prior year, the business posted $1.02 earnings per share. On average, research analysts forecast that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a dividend of $0.6142 per share. This represents a $2.46 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio (DPR) is 77.89%.

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.