Invesco Ltd. Cuts Stock Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• Invesco Ltd. reduced its stake in TC Energy Corporation by 1.5%, selling 52,556 shares and retaining approximately 3.52 million shares valued at $166.13 million.
• TC Energy recently declared a quarterly dividend of $0.6148, reflecting a 4.8% yield, with the payout ratio at 85.32%, an increase from the previous quarter's dividend.
• Analysts have upgraded TC Energy's ratings, with an average price target of $62.00, indicating a generally positive outlook on the stock.

Invesco Ltd. decreased its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,519,062 shares of the pipeline company's stock after selling 52,556 shares during the period. Invesco Ltd. owned approximately 0.34% of TC Energy worth $166,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lowe Wealth Advisors LLC purchased a new stake in TC Energy during the first quarter worth approximately $30,000. TruNorth Capital Management LLC acquired a new stake in TC Energy in the first quarter valued at $45,000. Golden State Wealth Management LLC raised its holdings in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after purchasing an additional 742 shares during the period. SBI Securities Co. Ltd. raised its holdings in shares of TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after purchasing an additional 501 shares during the period. Finally, HM Payson & Co. acquired a new stake in shares of TC Energy in the 1st quarter worth about $60,000. Institutional investors and hedge funds own 83.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Finally, Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have issued 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 target price of $62.00.

TC Energy Stock Performance

TRP traded down $0.18 during trading hours on Friday, reaching $51.04. The company's stock had a trading volume of 1,218,308 shares, compared to its average volume of 1,510,380. TC Energy Corporation has a 52 week low of $39.79 and a 52 week high of $51.99. The company's 50-day moving average is $48.40 and its 200-day moving average is $48.10. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The firm has a market cap of $53.08 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.75.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. During the same period last year, the firm posted $0.79 earnings per share. On average, equities analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a dividend of $0.6148 per share. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's payout ratio is 83.62%.

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.