TC Energy Corporation (NYSE:TRP) Position Reduced by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 32.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,424 shares of the pipeline company's stock after selling 20,899 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in TC Energy were worth $2,098,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC boosted its stake in TC Energy by 22.7% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 10,252 shares of the pipeline company's stock worth $486,000 after purchasing an additional 1,895 shares during the period. Bell Bank lifted its holdings in shares of TC Energy by 5.2% in the first quarter. Bell Bank now owns 184,909 shares of the pipeline company's stock valued at $8,730,000 after purchasing an additional 9,167 shares in the last quarter. Inscription Capital LLC acquired a new stake in shares of TC Energy in the first quarter worth $236,000. Lorne Steinberg Wealth Management Inc. grew its holdings in shares of TC Energy by 1.5% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 180,718 shares of the pipeline company's stock valued at $8,543,000 after buying an additional 2,649 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of TC Energy by 7.9% during the first quarter. Exchange Traded Concepts LLC now owns 1,116,535 shares of the pipeline company's stock valued at $52,712,000 after buying an additional 81,837 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Down 0.7%

Shares of NYSE TRP opened at $47.40 on Monday. The business has a 50 day simple moving average of $49.65 and a 200 day simple moving average of $47.66. TC Energy Corporation has a 52 week low of $37.07 and a 52 week high of $51.99. The stock has a market cap of $49.29 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 4.56 and a beta of 0.78. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. On average, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The firm 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. This represents a $2.46 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio is presently 77.89%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TRP shares. Citigroup initiated coverage on TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating for the company. Wall Street Zen lowered shares of TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. Finally, CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.

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