SIR Capital Management L.P. Sells 323,036 Shares of TC Energy Corporation $TRP

Key Points

• SIR Capital Management cut its TC Energy position by 39.1% in the fourth quarter, selling 323,036 shares and leaving it with 502,246 shares valued at about $27.6 million.
• TC Energy reported earnings of $0.72 per share, topping estimates by $0.02, though revenue of $2.04 billion came in below expectations. Analysts currently see the stock as a Moderate Buy with an average price target of $78.50.
• The company declared a quarterly dividend of $0.8775 per share, implying an annualized yield of 5.1%. The stock recently traded around $69.39, near its 52-week high of $71.47.

SIR Capital Management L.P. decreased its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 39.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 502,246 shares of the pipeline company's stock after selling 323,036 shares during the period. TC Energy accounts for approximately 3.1% of SIR Capital Management L.P.'s portfolio, making the stock its 10th biggest holding. SIR Capital Management L.P.'s holdings in TC Energy were worth $27,629,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in shares of TC Energy by 246.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,507 shares of the pipeline company's stock valued at $83,000 after purchasing an additional 1,072 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of TC Energy by 2.0% in the 4th quarter. Wells Fargo & Company MN now owns 2,164,171 shares of the pipeline company's stock valued at $119,245,000 after purchasing an additional 42,665 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. grew its stake in shares of TC Energy by 13.8% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 218,865 shares of the pipeline company's stock valued at $12,040,000 after purchasing an additional 26,595 shares during the last quarter. Castleark Management LLC grew its stake in shares of TC Energy by 105.3% in the 4th quarter. Castleark Management LLC now owns 52,460 shares of the pipeline company's stock valued at $2,886,000 after purchasing an additional 26,910 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of TC Energy by 6.7% in the 4th quarter. Advisors Asset Management Inc. now owns 94,059 shares of the pipeline company's stock valued at $5,174,000 after purchasing an additional 5,919 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Up 0.1%

TC Energy stock opened at $69.39 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. TC Energy Corporation has a 1-year low of $46.29 and a 1-year high of $71.47. The company has a market cap of $69.39 billion, a PE ratio of 30.12 and a beta of 0.66. The stock's 50 day moving average price is $65.69 and its 200 day moving average price is $61.03.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the business earned $0.95 earnings per share. On average, sell-side analysts predict that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a $0.8775 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.1%. TC Energy's payout ratio is 109.57%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TRP. Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings downgraded TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 4th. TD Securities reiterated a "hold" rating on shares of TC Energy in a research note on Monday, May 4th. Finally, Citigroup reiterated a "neutral" rating on shares of TC Energy in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and an average price target of $78.50.

TC Energy Company 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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