TC Energy Corporation $TRP Shares Sold by State of Wyoming

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 lowered its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 56.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,420 shares of the pipeline company's stock after selling 5,830 shares during the period. State of Wyoming's holdings in TC Energy were worth $209,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Lansforsakringar Fondforvaltning AB publ increased its position in shares of TC Energy by 2.0% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 228,591 shares of the pipeline company's stock worth $10,794,000 after purchasing an additional 4,444 shares during the last quarter. Truvestments Capital LLC purchased a new position in shares of TC Energy in the 1st quarter valued at about $45,000. FORA Capital LLC purchased a new position in shares of TC Energy in the 1st quarter valued at about $776,000. Harvest Portfolios Group Inc. boosted its stake in shares of TC Energy by 8.9% in the 1st quarter. Harvest Portfolios Group Inc. now owns 244,716 shares of the pipeline company's stock valued at $11,557,000 after buying an additional 19,974 shares during the period. Finally, ICONIQ Capital LLC purchased a new position in shares of TC Energy in the 1st quarter valued at about $204,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRP has been the subject of several recent research reports. Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Thursday, August 14th. US Capital Advisors cut TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two research 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, TC Energy has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

Shares of TC Energy stock traded up $0.12 during trading hours on Wednesday, hitting $51.93. 2,001,121 shares of the company were exchanged, compared to its average volume of 1,487,965. TC Energy Corporation has a 1 year low of $40.76 and a 1 year high of $52.39. 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 business has a 50-day moving average of $49.52 and a 200-day moving average of $48.74. The stock has a market capitalization of $54.00 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 4.96 and a beta of 0.77.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter in the prior year, the business earned $0.79 earnings per share. As a group, analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal 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 issued a dividend of $0.6148 per share. This is a boost from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio is currently 85.32%.

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.