State of Wyoming Decreases Holdings in TC Energy Corporation $TRP

Key Points

• The State of Wyoming has reduced its stake in TC Energy Corporation by 56.9% in the first quarter, holding now 4,420 shares valued at approximately $209,000.
• TC Energy recently increased its quarterly dividend to $0.6148, yielding 4.8%, with a payout ratio of 85.32%.
• Despite reporting a $0.59 EPS for the last quarter, TC Energy's revenue was $1.82 billion, falling short of the consensus estimate of $2.56 billion.

State of Wyoming reduced its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 56.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,420 shares of the pipeline company's stock after selling 5,830 shares during the quarter. State of Wyoming's holdings in TC Energy were worth $209,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Lowe Wealth Advisors LLC purchased a new position in TC Energy during the first quarter worth $30,000. TruNorth Capital Management LLC purchased a new stake in TC Energy during the 1st quarter worth about $45,000. Truvestments Capital LLC purchased a new stake in TC Energy during the 1st quarter worth about $45,000. Golden State Wealth Management LLC grew its holdings in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after buying an additional 742 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in shares of TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after buying an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Trading Up 0.4%

Shares of NYSE TRP traded up $0.22 during trading on Wednesday, hitting $52.03. 246,037 shares of the company traded hands, compared to its average volume of 2,270,521. TC Energy Corporation has a 1 year low of $40.76 and a 1 year high of $52.39. The company has a 50-day moving average price of $49.44 and a 200-day moving average price of $48.72. The firm has a market capitalization of $54.11 billion, a P/E ratio of 17.78, a P/E/G ratio of 4.97 and a beta of 0.77. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, equities analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company 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 represents a $2.46 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is presently 83.62%.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent research reports. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.