Centerstone Investors LLC Reduces Position in TC Energy Co. (NYSE:TRP)

Centerstone Investors LLC lessened its stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 80.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,655 shares of the pipeline company's stock after selling 265,785 shares during the quarter. TC Energy comprises about 4.3% of Centerstone Investors LLC's holdings, making the stock its 8th largest holding. Centerstone Investors LLC's holdings in TC Energy were worth $2,920,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TRP. SBI Securities Co. Ltd. acquired a new position in shares of TC Energy in the 4th quarter valued at approximately $31,000. Synergy Investment Management LLC bought a new position in TC Energy during the 4th quarter valued at $36,000. Millstone Evans Group LLC acquired a new position in TC Energy during the 4th quarter worth $41,000. First Command Advisory Services Inc. acquired a new stake in shares of TC Energy in the 4th quarter valued at about $46,000. Finally, UMB Bank n.a. bought a new position in shares of TC Energy during the fourth quarter worth about $47,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup began coverage on TC Energy in a research note on Friday, April 4th. They set a "neutral" rating on the stock. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Wall Street Zen cut shares of TC Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada increased their price objective on shares of TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Stock Performance

NYSE:TRP traded down $0.09 during mid-day trading on Wednesday, hitting $50.00. The stock had a trading volume of 460,959 shares, compared to its average volume of 2,497,980. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The company has a 50 day simple moving average of $48.76 and a 200-day simple moving average of $47.59. The stock has a market capitalization of $51.99 billion, a price-to-earnings ratio of 15.43, a P/E/G ratio of 4.34 and a beta of 0.78. TC Energy Co. has a 52 week low of $37.07 and a 52 week high of $51.34.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter in the prior year, the firm posted $1.02 earnings per share. On average, research analysts expect that TC Energy Co. will post 2.63 earnings per share for the current fiscal 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 paid a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date is Monday, June 30th. TC Energy's dividend payout ratio is currently 77.89%.

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.