Allianz Asset Management GmbH Sells 207,774 Shares of TC Energy Corporation (NYSE:TRP)

Allianz Asset Management GmbH lowered its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 19.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 878,358 shares of the pipeline company's stock after selling 207,774 shares during the period. Allianz Asset Management GmbH owned 0.08% of TC Energy worth $41,475,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRP. BROOKFIELD Corp ON grew its stake in shares of TC Energy by 31.6% in the fourth quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock worth $87,950,000 after acquiring an additional 454,011 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in TC Energy by 7.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock worth $10,463,000 after purchasing an additional 16,334 shares in the last quarter. Bank of New York Mellon Corp grew its position in TC Energy by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after purchasing an additional 10,227 shares during the last quarter. Farther Finance Advisors LLC increased its stake in TC Energy by 77.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock valued at $110,000 after purchasing an additional 1,005 shares in the last quarter. Finally, Wealthstar Advisors LLC purchased a new position in TC Energy in the first quarter worth about $432,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TRP shares. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Citigroup started coverage on TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy Stock Performance

NYSE:TRP traded down $0.25 on Friday, hitting $47.32. The stock had a trading volume of 495,830 shares, compared to its average volume of 2,445,657. TC Energy Corporation has a 52-week low of $37.41 and a 52-week high of $51.99. The stock has a market cap of $49.21 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 4.62 and a beta of 0.76. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61. The business's 50-day simple moving average is $48.84 and its two-hundred day simple moving average is $47.85.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The business 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 period in the prior year, the company 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a $0.6142 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.46 annualized dividend and a dividend yield of 5.19%. TC Energy's dividend payout ratio (DPR) is 82.51%.

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.