Federated Hermes Inc. Cuts Stake in TC Energy Corporation (NYSE:TRP)

Key Points

• Federated Hermes Inc. has reduced its stake in TC Energy Corporation by 11.2%, selling 357,113 shares during the first quarter and holding about 0.27% of the company worth approximately $133.7 million.
• Several institutional investors, including Thrivent Financial and American Century Companies, increased their holdings in TC Energy during the fourth quarter, reflecting continued interest in the company's stock.
• TC Energy's recent earnings report shows a miss in EPS at $0.66 against the expected $0.70, raising concerns as the company also announced a quarterly dividend payment with a yield of 5.24%.

Federated Hermes Inc. trimmed its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 11.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,832,157 shares of the pipeline company's stock after selling 357,113 shares during the period. Federated Hermes Inc. owned 0.27% of TC Energy worth $133,706,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in shares of TC Energy by 7.7% in the 1st quarter. Mackenzie Financial Corp now owns 13,239,669 shares of the pipeline company's stock worth $625,230,000 after purchasing an additional 945,708 shares in the last quarter. Inspire Advisors LLC purchased a new stake in shares of TC Energy in the 1st quarter worth $607,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of TC Energy by 6.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 352,092 shares of the pipeline company's stock worth $16,625,000 after purchasing an additional 21,763 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of TC Energy by 83.9% in the 1st quarter. HB Wealth Management LLC now owns 10,667 shares of the pipeline company's stock worth $504,000 after purchasing an additional 4,867 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of TC Energy by 6.2% in the 1st quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock worth $824,243,000 after purchasing an additional 1,018,590 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

TC Energy Trading Up 0.3%

Shares of NYSE:TRP traded up $0.16 during trading on Tuesday, reaching $46.98. The company's stock had a trading volume of 1,755,518 shares, compared to its average volume of 2,328,989. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61. TC Energy Corporation has a 12 month low of $37.41 and a 12 month high of $51.99. The firm's 50 day simple moving average is $48.68 and its two-hundred day simple moving average is $47.84. The stock has a market capitalization of $48.85 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 4.54 and a beta of 0.76.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly 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). TC Energy had a net margin of 29.17% and a return on equity of 11.41%. 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 previous year, the business posted $1.02 EPS. On average, research analysts predict that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be given a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date is Monday, June 30th. TC Energy's dividend payout ratio (DPR) is presently 82.51%.

TC Energy Company 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.