TC Energy Corporation $TRP Stock Position Lowered by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its TC Energy (TRP) stake by 32.4% in Q3, selling 5,460,982 shares and holding 11,370,589 shares worth about $618.2 million (≈1.1% of its portfolio; TRP is its 19th largest holding).
• TC Energy raised its quarterly dividend to $0.8775 (annualized $3.51) for a ~5.5% yield, payable April 30 with an ex-dividend date of March 31, though the payout ratio is high at 110.78%.
• The company reported last-quarter EPS of $0.70 (beats $0.65 est.) but revenue missed at $2.20B vs. $2.94B expected; analysts’ consensus is a Hold rating with an average target of $72.50.

Bank of Nova Scotia decreased its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 32.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 11,370,589 shares of the pipeline company's stock after selling 5,460,982 shares during the period. TC Energy comprises about 1.1% of Bank of Nova Scotia's investment portfolio, making the stock its 19th biggest holding. Bank of Nova Scotia owned 1.09% of TC Energy worth $618,226,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Boothbay Fund Management LLC raised its stake in TC Energy by 9.9% during the 3rd quarter. Boothbay Fund Management LLC now owns 80,657 shares of the pipeline company's stock valued at $4,389,000 after purchasing an additional 7,267 shares during the period. Alliancebernstein L.P. boosted its position in shares of TC Energy by 34.3% in the third quarter. Alliancebernstein L.P. now owns 99,514 shares of the pipeline company's stock worth $5,415,000 after buying an additional 25,392 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of TC Energy by 2.1% during the third quarter. Ameriprise Financial Inc. now owns 19,803 shares of the pipeline company's stock valued at $1,194,000 after buying an additional 406 shares in the last quarter. Creative Planning grew its holdings in shares of TC Energy by 8.1% during the third quarter. Creative Planning now owns 57,237 shares of the pipeline company's stock valued at $3,114,000 after buying an additional 4,268 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in TC Energy by 31.2% during the third quarter. Lazard Asset Management LLC now owns 4,962 shares of the pipeline company's stock valued at $270,000 after buying an additional 1,181 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Price Performance

TRP opened at $63.75 on Friday. The stock has a fifty day moving average price of $59.54 and a 200 day moving average price of $55.40. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. TC Energy Corporation has a 1 year low of $43.59 and a 1 year high of $65.57. The stock has a market cap of $66.38 billion, a price-to-earnings ratio of 27.43 and a beta of 0.72.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period in the prior year, the firm posted $1.05 EPS. Analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

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

Analyst Ratings Changes

Several 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 note on Tuesday, February 17th. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Friday, February 20th. Canadian Imperial Bank of Commerce lowered shares of TC Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. BMO Capital Markets restated an "outperform" rating on shares of TC Energy in a report on Tuesday, February 17th. Finally, National Bank Financial downgraded shares of TC Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $72.50.

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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