Addenda Capital Inc. Has $44.99 Million Position in TC Energy Co. (NYSE:TRP)

Addenda Capital Inc. cut its holdings in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 953,029 shares of the pipeline company's stock after selling 81,468 shares during the quarter. TC Energy comprises 2.1% of Addenda Capital Inc.'s portfolio, making the stock its 13th biggest holding. Addenda Capital Inc. owned 0.09% of TC Energy worth $44,992,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TRP. Norges Bank bought a new stake in shares of TC Energy during the 4th quarter valued at $428,759,000. Mufg Securities Canada LTD. lifted its position in shares of TC Energy by 571.7% during the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock valued at $288,043,000 after acquiring an additional 5,264,079 shares during the period. Blackstone Inc. lifted its position in shares of TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after acquiring an additional 3,482,874 shares during the period. FIL Ltd lifted its position in shares of TC Energy by 10.3% during the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock valued at $1,325,558,000 after acquiring an additional 2,644,627 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of TC Energy during the 4th quarter valued at $102,405,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on TRP. Veritas upgraded TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. Royal Bank of Canada upped their price objective on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 18th. Citigroup began coverage on TC Energy in a research report on Friday, April 4th. They set a "neutral" rating for the company. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Finally, Wall Street Zen downgraded TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, TC Energy has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Trading Up 0.3%

NYSE TRP traded up $0.13 on Thursday, reaching $51.48. The company had a trading volume of 283,659 shares, compared to its average volume of 2,461,323. The firm has a market cap of $53.52 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 4.34 and a beta of 0.78. TC Energy Co. has a fifty-two week low of $37.07 and a fifty-two week high of $51.99. The business has a 50 day moving average of $49.02 and a two-hundred day moving average of $47.67. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter in the previous year, the company earned $1.02 earnings per share. Analysts forecast that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 4.77%. TC Energy's payout ratio is 77.89%.

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.