Envestnet Portfolio Solutions Inc. Sells 20,899 Shares of TC Energy Corporation (NYSE:TRP)

Envestnet Portfolio Solutions Inc. lowered its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 32.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,424 shares of the pipeline company's stock after selling 20,899 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in TC Energy were worth $2,098,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in TC Energy in the fourth quarter worth $428,759,000. Mufg Securities Canada LTD. raised its position in shares of TC Energy by 571.7% in the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after purchasing an additional 5,264,079 shares during the last quarter. Blackstone Inc. boosted its stake in TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after purchasing an additional 3,482,874 shares in the last quarter. FIL Ltd boosted its stake in TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in TC Energy during the 4th quarter valued at about $102,405,000. Institutional investors own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TRP. CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Wall Street Zen downgraded shares of TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Finally, Citigroup initiated coverage on TC Energy in a research note on Friday, April 4th. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

TC Energy stock traded up $0.99 during midday trading on Thursday, reaching $47.97. 3,504,535 shares of the company traded hands, compared to its average volume of 2,486,295. TC Energy Corporation has a 12 month low of $37.07 and a 12 month high of $51.99. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The business has a 50 day moving average of $49.57 and a two-hundred day moving average of $47.65. The firm has a market capitalization of $49.88 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 4.49 and a beta of 0.78.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results 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 for the quarter, compared to analysts' expectations of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter in the prior year, the firm posted $1.02 earnings per share. As a group, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders 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 5.12%. The ex-dividend date is Monday, June 30th. TC Energy's dividend 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.