TC Energy Corporation (NYSE:TRP) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. has reduced its stake in TC Energy Corporation by 5.4%, now holding 101,466 shares valued at approximately $4.79 million.
• Recent upgrades from CIBC and Cibc World Mkts have improved the stock's ratings to "sector outperform" and "strong-buy," contributing to a consensus rating of "Moderate Buy" with an average price target of $62.00.
• TC Energy has announced a quarterly dividend of $0.6148, reflecting an annualized yield of 4.9%, representing a slight increase from the previous dividend of $0.61.

PNC Financial Services Group Inc. lessened its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,466 shares of the pipeline company's stock after selling 5,753 shares during the period. PNC Financial Services Group Inc.'s holdings in TC Energy were worth $4,790,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Lowe Wealth Advisors LLC bought a new position in TC Energy in the 1st quarter worth about $30,000. TruNorth Capital Management LLC acquired a new position in shares of TC Energy during the first quarter worth approximately $45,000. Golden State Wealth Management LLC grew its holdings 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 buying an additional 742 shares in the last quarter. SBI Securities Co. Ltd. increased its position in TC Energy by 75.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after acquiring an additional 501 shares during the period. Finally, HM Payson & Co. bought a new stake in TC Energy during the 1st quarter valued at $60,000. Institutional investors and hedge funds own 83.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on TRP shares. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Trading Up 1.8%

Shares of TC Energy stock opened at $49.79 on Thursday. The business has a fifty day simple moving average of $48.48 and a 200-day simple moving average of $47.91. TC Energy Corporation has a fifty-two week low of $39.12 and a fifty-two week high of $51.99. The firm has a market cap of $51.78 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 4.71 and a beta of 0.75. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

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

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. This represents a $2.46 annualized dividend and a yield of 4.9%. This is a positive change from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 85.32%.

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.

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