Envestnet Asset Management Inc. Cuts Stock Position in TC Energy Corporation (NYSE:TRP)

Envestnet Asset Management Inc. trimmed its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,383,524 shares of the pipeline company's stock after selling 166,501 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of TC Energy worth $65,319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in TRP. Lowe Wealth Advisors LLC purchased a new position in shares of TC Energy in the first quarter worth $30,000. Millstone Evans Group LLC bought a new stake in shares of TC Energy during the 4th quarter valued at $41,000. Golden State Wealth Management LLC boosted its stake in TC Energy by 222.2% in the 1st 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 in the last quarter. HM Payson & Co. bought a new position in TC Energy in the 1st quarter worth about $60,000. Finally, Tower Research Capital LLC TRC boosted its stake in TC Energy by 67.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,658 shares of the pipeline company's stock worth $77,000 after purchasing an additional 666 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of NYSE TRP traded up $0.06 during midday trading on Friday, hitting $47.32. 2,810,431 shares of the company's stock traded hands, compared to its average volume of 2,464,210. TC Energy Corporation has a 1 year low of $38.90 and a 1 year high of $51.99. The stock has a market capitalization of $49.21 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 4.51 and a beta of 0.76. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The firm has a fifty day moving average of $49.13 and a 200 day moving average of $47.77.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results 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 firm had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $2.57 billion. TC Energy had a return on equity of 11.41% and a net margin of 29.17%. During the same period in the prior year, the company posted $1.02 earnings per share. On average, analysts forecast 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. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 annualized dividend and a yield of 5.19%. The ex-dividend date is Monday, June 30th. TC Energy's dividend payout ratio is 82.51%.

Analyst Ratings Changes

Several equities analysts have issued reports on TRP shares. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Citigroup started coverage on shares of 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 assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, TC Energy has a consensus rating of "Moderate Buy" and an average target price of $62.00.

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.