TC Energy Corporation $TRP Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors reduced its TC Energy stake by 9.1% in the second quarter, selling 41,900 shares and retaining 417,800 shares valued at approximately $27.7 million. Institutional investors and hedge funds collectively own 83.13% of the company.
• Analyst sentiment remains generally positive, with one Strong Buy, eight Buy and five Hold ratings; the consensus rating is “Moderate Buy” with an average price target of $89.
• TC Energy reported quarterly EPS of $0.68, beating estimates of $0.61, while revenue reached $2.80 billion. The company announced a quarterly dividend of $0.8775, equivalent to a 5.7% annualized yield, although its payout ratio exceeds 100%.

Hennessy Advisors Inc. trimmed its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 417,800 shares of the pipeline company's stock after selling 41,900 shares during the period. Hennessy Advisors Inc.'s holdings in TC Energy were worth $27,696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. FIL Ltd lifted its stake in shares of TC Energy by 3.9% during the fourth quarter. FIL Ltd now owns 28,305,789 shares of the pipeline company's stock worth $1,558,669,000 after purchasing an additional 1,052,166 shares in the last quarter. TD Asset Management Inc grew its stake in shares of TC Energy by 6.3% in the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock valued at $1,150,656,000 after buying an additional 1,244,525 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of TC Energy in the second quarter valued at about $1,148,244,000. GQG Partners LLC purchased a new stake in shares of TC Energy during the 2nd quarter valued at about $1,107,936,000. Finally, Deutsche Bank AG raised its holdings in shares of TC Energy by 1.3% during the 2nd quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock valued at $1,048,809,000 after buying an additional 196,543 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on TRP. Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research report on Friday, July 31st. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 4th. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. Finally, TD Securities reaffirmed a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $89.00.

TC Energy Trading Down 0.3%

TRP opened at $61.87 on Friday. The stock has a market capitalization of $64.46 billion, a PE ratio of 25.67 and a beta of 0.66. The firm's fifty day moving average price is $66.33 and its 200 day moving average price is $65.34. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. TC Energy Corporation has a 12-month low of $49.27 and a 12-month high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the previous year, the firm earned $0.82 EPS. As a group, research analysts expect that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.7%. TC Energy's dividend payout ratio is currently 102.49%.

TC Energy Profile

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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