Raymond James Financial Inc. Lowers 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 position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 16.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,351,369 shares of the pipeline company's stock after selling 270,469 shares during the quarter. Raymond James Financial Inc. owned 0.13% of TC Energy worth $63,798,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Baader Bank Aktiengesellschaft raised its position in shares of TC Energy by 4.4% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 6,325 shares of the pipeline company's stock worth $289,000 after acquiring an additional 264 shares in the last quarter. Benjamin Edwards Inc. increased its position in TC Energy by 1.7% during the 4th quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock valued at $745,000 after buying an additional 273 shares in the last quarter. Prudential PLC increased its position in TC Energy by 5.2% during the 1st quarter. Prudential PLC now owns 6,536 shares of the pipeline company's stock valued at $309,000 after buying an additional 326 shares in the last quarter. Avantax Advisory Services Inc. increased its position in TC Energy by 3.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company's stock valued at $468,000 after buying an additional 344 shares in the last quarter. Finally, FSM Wealth Advisors LLC increased its position in TC Energy by 9.2% during the 1st quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company's stock valued at $243,000 after buying an additional 432 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TRP traded up $0.15 during mid-day trading on Tuesday, reaching $50.92. The company had a trading volume of 1,272,795 shares, compared to its average volume of 1,495,500. TC Energy Corporation has a 52-week low of $40.76 and a 52-week high of $52.10. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $52.96 billion, a P/E ratio of 17.38, a PEG ratio of 4.86 and a beta of 0.75. The stock has a 50 day moving average of $48.65 and a two-hundred day moving average of $48.34.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently announced 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. The ex-dividend date is Monday, September 29th. This is a positive change 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 4.8%. TC Energy's dividend payout ratio (DPR) is currently 85.32%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRP. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. US Capital Advisors lowered TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.