Raymond James Financial Inc. Decreases Stock Holdings in TC Energy Corporation $TRP

Key Points

• Raymond James Financial Inc. reduced its stake in TC Energy Corporation by 16.7%, selling 270,469 shares and now holding approximately 1.35 million shares valued at $63.8 million.
• TC Energy declared a quarterly dividend of $0.6148, an increase from its previous dividend, representing a 4.7% annual yield.
• Analysts have shown strong positive sentiment towards TC Energy, with upgrades leading to a consensus rating of “Moderate Buy” and a price target of $62.00.

Raymond James Financial Inc. trimmed its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 16.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,351,369 shares of the pipeline company's stock after selling 270,469 shares during the period. Raymond James Financial Inc. owned approximately 0.13% of TC Energy worth $63,798,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. BROOKFIELD Corp ON raised its holdings in shares of TC Energy by 31.6% during the fourth quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock valued at $87,950,000 after purchasing an additional 454,011 shares during the last quarter. Bank of New York Mellon Corp grew its position in TC Energy by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after buying an additional 10,227 shares during the period. Farther Finance Advisors LLC grew its position in TC Energy by 77.7% during the first quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock valued at $110,000 after buying an additional 1,005 shares during the period. Wealthstar Advisors LLC bought a new stake in TC Energy during the first quarter valued at approximately $432,000. Finally, 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. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

TRP opened at $51.8180 on Thursday. The firm has a market cap of $53.89 billion, a P/E ratio of 17.69, a PEG ratio of 4.90 and a beta of 0.75. TC Energy Corporation has a 1-year low of $40.00 and a 1-year high of $52.10. The company has a 50 day simple moving average of $48.50 and a two-hundred day simple moving average of $48.21. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54.

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 analysts' consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates 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 in the prior year, the business posted $0.79 earnings per share. Equities analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.7%. TC Energy's dividend payout ratio (DPR) is currently 85.32%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TRP shares. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Finally, CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

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.

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