TC Energy Corporation $TRP Stock: Cardinal Capital Management Inc. Lowers Position

Key Points

• Cardinal Capital Management reduced its TC Energy position by 0.6% in the third quarter, selling 16,308 shares and retaining 2.54 million shares valued at approximately $147.3 million.
• Institutional ownership remains high at 83.13%, with several major investors—including the Canada Pension Plan Investment Board and GQG Partners—acquiring new stakes. Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a $92 price target.
• TC Energy reported quarterly EPS of $0.68, above estimates of $0.61, and declared a C$0.88 quarterly dividend, representing a 5.7% annualized yield; however, its payout ratio is elevated at 104.98%.

Cardinal Capital Management Inc. lowered its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,537,275 shares of the pipeline company's stock after selling 16,308 shares during the period. TC Energy makes up approximately 3.3% of Cardinal Capital Management Inc.'s portfolio, making the stock its 9th biggest holding. Cardinal Capital Management Inc. owned about 0.25% of TC Energy worth $147,269,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TRP. Ontario Teachers Pension Plan Board purchased a new position in TC Energy during the 2nd quarter worth $273,917,000. Korea Investment CORP acquired a new stake in shares of TC Energy in the 2nd quarter worth $30,152,000. Wellington Management Group LLP acquired a new stake in shares of TC Energy in the 2nd quarter worth $7,450,000. Canada Pension Plan Investment Board acquired a new stake in shares of TC Energy in the 2nd quarter worth $1,148,244,000. Finally, GQG Partners LLC purchased a new stake in shares of TC Energy in the second quarter valued at about $1,107,936,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on TRP shares. TD Securities restated a "buy" rating on shares of TC Energy in a research report on Friday. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research note on Thursday, August 20th. Jefferies Financial Group raised TC Energy from a "hold" rating to a "buy" rating in a research note on Tuesday, September 1st. BMO Capital Markets reissued an "outperform" rating and issued a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. Finally, Scotiabank restated an "outperform" rating on shares of TC Energy in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $92.00.

TC Energy Stock Performance

NYSE TRP opened at $61.59 on Friday. TC Energy Corporation has a 1-year low of $49.27 and a 1-year high of $71.47. The company has a market capitalization of $61.59 billion, a P/E ratio of 22.43 and a beta of 0.70. The business has a 50 day moving average price of $61.41 and a 200 day moving average price of $64.74. 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 (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period in the previous year, the firm earned $0.82 EPS. Sell-side analysts expect that TC Energy Corporation will post 2.77 EPS for the current fiscal year.

TC Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a C$0.88 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's payout ratio is 104.98%.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its pipeline network transports natural gas from producing regions to utilities, industrial customers, power generators and export markets, while its storage facilities help support seasonal and daily demand.

The company's operations are concentrated in Canada, the United States and Mexico. Its major systems include the Canadian Mainline, which connects Western Canadian natural gas supplies with markets in Eastern Canada and the United States, as well as U.S.

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