Swiss National Bank Sells 58,400 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• Swiss National Bank reduced its holdings in TC Energy Corporation by 1.9%, owning approximately 0.28% of the company after selling 58,400 shares.
• TC Energy has increased its quarterly dividend to $0.6148, representing an annualized yield of 5.0% with a payout ratio of 85.32%.
• Equities analysts have upgraded TC Energy's rating, with CIBC changing its stance from "neutral" to "sector outperform." The stock currently holds a consensus rating of "Moderate Buy."

Swiss National Bank lowered its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 1.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,953,601 shares of the pipeline company's stock after selling 58,400 shares during the period. Swiss National Bank owned about 0.28% of TC Energy worth $139,587,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TRP. Lowe Wealth Advisors LLC acquired a new position in TC Energy in the 1st quarter worth about $30,000. TruNorth Capital Management LLC acquired a new position in TC Energy in the 1st quarter worth about $45,000. Golden State Wealth Management LLC increased 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 purchasing an additional 742 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings 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 worth $55,000 after purchasing an additional 501 shares in the last quarter. Finally, HM Payson & Co. acquired a new position in TC Energy in the 1st quarter worth about $60,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Trading Down 0.6%

Shares of TRP stock traded down $0.32 on Friday, hitting $49.40. The company had a trading volume of 1,343,141 shares, compared to its average volume of 1,790,885. The firm has a market cap of $51.37 billion, a P/E ratio of 16.86, a P/E/G ratio of 4.74 and a beta of 0.75. The stock's 50-day moving average is $48.46 and its two-hundred day moving average is $47.95. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a twelve month low of $39.26 and a twelve month high of $51.99.

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 the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. On average, equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current fiscal 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 given a dividend of $0.6148 per share. This represents a $2.46 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is currently 85.32%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.