Russell Investments Group Ltd. Cuts Holdings in TC Energy Corporation $TRP

Key Points

• Russell Investments Group reduced its TC Energy stake by 15.5% in the second quarter, selling 271,634 shares and retaining 1.48 million shares worth approximately $97.7 million. Institutional investors collectively own 83.13% of the company.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $89.00, despite Morgan Stanley downgrading the stock to “equal weight.”
• TC Energy exceeded quarterly earnings expectations, reporting $0.68 in EPS versus the $0.61 consensus and $2.80 billion in revenue. The company also declared a quarterly dividend of $0.8775 per share, representing a 5.5% annualized yield.

Russell Investments Group Ltd. reduced its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 15.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,475,402 shares of the pipeline company's stock after selling 271,634 shares during the quarter. Russell Investments Group Ltd. owned about 0.14% of TC Energy worth $97,710,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy in the fourth quarter worth $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy during the 1st quarter worth $26,000. McIlrath & Eck LLC purchased a new stake in shares of TC Energy during the 4th quarter worth $32,000. SWAN Capital LLC acquired a new position in shares of TC Energy during the 3rd quarter worth $40,000. Finally, Glen Eagle Advisors LLC acquired a new position in shares of TC Energy during the 4th quarter worth $44,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRP has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. BMO Capital Markets reissued an "outperform" rating and set a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. TD Securities reaffirmed a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Stock Performance

TC Energy stock opened at $64.00 on Friday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a fifty day moving average of $67.53 and a two-hundred day moving average of $65.06. The company has a market capitalization of $66.68 billion, a price-to-earnings ratio of 26.56 and a beta of 0.66. 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 released its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share 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 company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. On average, analysts anticipate that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is currently 102.49%.

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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