TC Energy Corporation $TRP is Candelo Capital Management LP's 2nd Largest Position

Key Points

• Candelo Capital Management trimmed its stake in TC Energy by 12.7% in Q3 and now owns 134,195 shares (about 6.3% of its portfolio) valued at $7.30 million, making TRP its second-largest holding.
• Dividend increased to $0.8775 quarterly (annualized $3.51) for a ~5.5% yield with an ex-dividend date of March 31, while the payout ratio is elevated at 110.78%.
• TC Energy beat EPS expectations ($0.70 vs. $0.65) but missed revenue estimates ($2.20B vs. $2.94B); analysts’ consensus is a Hold with an average price target of $72.50.

Candelo Capital Management LP trimmed its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 12.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,195 shares of the pipeline company's stock after selling 19,453 shares during the quarter. TC Energy makes up approximately 6.3% of Candelo Capital Management LP's portfolio, making the stock its 2nd biggest holding. Candelo Capital Management LP's holdings in TC Energy were worth $7,302,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Campbell & CO Investment Adviser LLC purchased a new stake in TC Energy in the 3rd quarter worth approximately $1,391,000. Advisors Asset Management Inc. boosted its holdings in TC Energy by 38.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company's stock valued at $4,796,000 after purchasing an additional 24,617 shares during the period. Norges Bank purchased a new position in shares of TC Energy during the 2nd quarter valued at $493,434,000. Citigroup Inc. grew its position in shares of TC Energy by 19.2% during the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company's stock valued at $20,562,000 after purchasing an additional 61,013 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of TC Energy by 9.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company's stock worth $74,297,000 after purchasing an additional 115,000 shares during the period. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Up 1.0%

Shares of NYSE:TRP opened at $63.75 on Friday. The firm has a market capitalization of $66.38 billion, a PE ratio of 27.43 and a beta of 0.72. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. TC Energy Corporation has a 52-week low of $43.59 and a 52-week high of $65.57. The firm has a fifty day moving average of $59.54 and a 200 day moving average of $55.40.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the business posted $1.05 earnings per share. As a group, research analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, March 31st. This is a positive change from TC Energy's previous quarterly dividend of $0.85. TC Energy's dividend payout ratio is presently 110.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. TD Securities downgraded TC Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Barclays restated an "overweight" rating on shares of TC Energy in a research report on Friday, February 20th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a report on Monday, December 29th. Raymond James Financial upgraded TC Energy to a "hold" rating in a research report on Tuesday, February 17th. Finally, The Goldman Sachs Group boosted their price objective on TC Energy from $48.00 to $53.00 and gave the stock a "sell" rating in a report on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $72.50.

About TC Energy

TC Energy NYSE: TRP is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company's principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.

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