Russell Investments Group Ltd. Sells 32,888 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• Russell Investments Group Ltd. has reduced its stake in TC Energy Corporation by 4.2%, selling 32,888 shares and now owns 751,181 shares worth approximately $35.5 million.
• TC Energy has announced a quarterly dividend increase to $0.6148 per share, with a yield of 4.8%, to be paid on October 31st.
• Wall Street analysts have a consensus rating of "Moderate Buy" for TC Energy, with an average target price of $62.00 per share.

Russell Investments Group Ltd. lowered its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 751,181 shares of the pipeline company's stock after selling 32,888 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of TC Energy worth $35,478,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Prudential PLC increased its position in shares of TC Energy by 5.2% in the first quarter. Prudential PLC now owns 6,536 shares of the pipeline company's stock valued at $309,000 after acquiring an additional 326 shares during the last quarter. AGF Management Ltd. increased its position in shares of TC Energy by 24.1% in the first quarter. AGF Management Ltd. now owns 1,063,256 shares of the pipeline company's stock valued at $50,196,000 after acquiring an additional 206,221 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of TC Energy by 0.7% in the first quarter. Public Sector Pension Investment Board now owns 100,272 shares of the pipeline company's stock valued at $4,735,000 after acquiring an additional 700 shares during the last quarter. Eagle Global Advisors LLC increased its position in shares of TC Energy by 47.0% in the first quarter. Eagle Global Advisors LLC now owns 249,350 shares of the pipeline company's stock valued at $11,772,000 after acquiring an additional 79,750 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of TC Energy in the first quarter valued at about $73,370,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.18 during trading on Friday, reaching $51.04. 1,218,308 shares of the stock were exchanged, compared to its average volume of 1,510,380. TC Energy Corporation has a 12 month low of $39.79 and a 12 month high of $51.99. The firm has a market cap of $53.08 billion, a PE ratio of 17.42, a PEG ratio of 4.89 and a beta of 0.75. The stock has a 50-day moving average price of $48.40 and a 200-day moving average price of $48.10. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. During the same quarter in the previous year, the company posted $0.79 earnings per share. Research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal 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 issued a dividend of $0.6148 per share. This is an increase from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 4.8%. TC Energy's payout ratio is currently 83.62%.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRP. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday. 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 assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

About TC Energy

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.