Spirit of America Management Corp NY Decreases Stake in TC Energy Corporation $TRP

Key Points

• Spirit of America Management Corp NY reduced its stake in TC Energy Corporation by 21.3%, selling 16,500 shares which left them with 61,078 shares worth approximately $2.98 million.
• TC Energy recently announced a quarterly dividend of $0.6148 per share, reflecting an increase from the previous dividend, with a current dividend yield of 4.8%.
• Despite a lower-than-expected quarterly revenue of $1.82 billion, TC Energy reported an EPS of $0.59, exceeding analysts' estimates, while forecasts expect an EPS of 2.63 for the current year.

Spirit of America Management Corp NY lowered its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 21.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 61,078 shares of the pipeline company's stock after selling 16,500 shares during the period. Spirit of America Management Corp NY's holdings in TC Energy were worth $2,980,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hilltop National Bank purchased a new position in TC Energy in the 2nd quarter valued at $32,000. Harbor Asset Planning Inc. purchased a new position in TC Energy in the 2nd quarter valued at $43,000. TruNorth Capital Management LLC purchased a new position in TC Energy in the 1st quarter valued at $45,000. Truvestments Capital LLC purchased a new position in TC Energy in the 1st quarter valued at $45,000. Finally, Golden State Wealth Management LLC lifted its holdings in TC Energy by 222.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after purchasing an additional 742 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Stock Up 0.0%

Shares of NYSE:TRP opened at $51.47 on Friday. The business has a 50-day moving average price of $52.27 and a 200 day moving average price of $49.92. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $53.54 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 4.84 and a beta of 0.75. TC Energy Corporation has a 12-month low of $43.51 and a 12-month high of $55.37.

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 firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period last year, the company earned $0.79 EPS. Sell-side analysts expect that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given a dividend of $0.6148 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is 84.30%.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a research note on Wednesday, October 8th. TD Securities reaffirmed a "buy" rating on shares of TC Energy in a research note on Friday. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research note on Tuesday. Cibc World Mkts downgraded TC Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 9th. Finally, Wall Street Zen downgraded TC Energy from a "hold" rating to a "sell" rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Company 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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