TC Energy Corporation $TRP Shares Sold by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp cut its TC Energy stake by 9.9% in the first quarter, selling 240,000 shares and leaving it with 2.18 million shares valued at about $136.1 million.
• TC Energy reported quarterly EPS of $0.72, slightly above analyst estimates, though revenue of $2.04 billion came in below expectations. Analysts currently have a consensus rating of Moderate Buy with an average price target of $78.50.
• The company declared a quarterly dividend of $0.8775 per share, equal to an annualized yield of about 5.0%, though its payout ratio is high at 107.39%.

OMERS ADMINISTRATION Corp reduced its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 9.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,180,000 shares of the pipeline company's stock after selling 240,000 shares during the quarter. OMERS ADMINISTRATION Corp owned 0.21% of TC Energy worth $136,075,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Bradley Foster & Sargent Inc. CT raised its stake in TC Energy by 10.3% in the 1st quarter. Bradley Foster & Sargent Inc. CT now owns 442,065 shares of the pipeline company's stock valued at $27,673,000 after purchasing an additional 41,133 shares during the last quarter. Lombard Odier Asset Management Switzerland SA boosted its stake in TC Energy by 12.5% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 38,830 shares of the pipeline company's stock worth $2,426,000 after purchasing an additional 4,300 shares during the last quarter. Compound Planning Inc. boosted its stake in TC Energy by 4.2% during the 1st quarter. Compound Planning Inc. now owns 18,434 shares of the pipeline company's stock worth $1,154,000 after purchasing an additional 745 shares during the last quarter. Bank of Nova Scotia boosted its stake in TC Energy by 8.3% during the 1st quarter. Bank of Nova Scotia now owns 8,380,992 shares of the pipeline company's stock worth $524,682,000 after purchasing an additional 639,127 shares during the last quarter. Finally, Dickmeyer Boyce Financial Management Inc. purchased a new stake in shares of TC Energy during the first quarter worth $631,000. Institutional investors and hedge funds own 83.13% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TRP shares. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. TD Securities restated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "neutral" rating and upped their price objective for the company from $53.00 to $62.00 in a research note on Monday, April 20th. Weiss Ratings lowered shares of TC Energy from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Finally, National Bank Financial upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.50.

TC Energy Stock Performance

NYSE:TRP opened at $70.58 on Friday. The company's 50-day moving average is $68.61 and its two-hundred day moving average is $63.93. TC Energy Corporation has a 1-year low of $46.61 and a 1-year high of $71.47. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The firm has a market capitalization of $73.54 billion, a price-to-earnings ratio of 30.63 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the company earned $0.95 EPS. Analysts forecast that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a $0.8775 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 dividend on an annualized basis and a yield of 5.0%. TC Energy's payout ratio is currently 107.39%.

TC Energy Company 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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