TC Energy Corporation $TRP Stock Position Reduced by Swiss National Bank

Key Points

• Swiss National Bank trimmed its TC Energy stake by 5.3%, selling 168,100 shares and leaving it with 2,990,201 shares (about 0.29% of the company) valued at roughly $162.7 million.
• Several major institutions — including Vanguard, Canada Pension Plan Investment Board, TD Asset Management and JPMorgan — increased their positions while Norges Bank initiated a new stake, keeping institutional ownership around 83.13%.
• TC Energy raised its quarterly dividend to $0.8775 ($3.51 annualized) for a ~5.5% yield, though the payout ratio is high at 106.9%.

Swiss National Bank decreased its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,990,201 shares of the pipeline company's stock after selling 168,100 shares during the quarter. Swiss National Bank owned 0.29% of TC Energy worth $162,654,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in TC Energy by 2.0% during the third quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company's stock worth $2,545,777,000 after purchasing an additional 914,168 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in TC Energy by 5.9% during the second quarter. Canada Pension Plan Investment Board now owns 20,986,748 shares of the pipeline company's stock valued at $1,025,220,000 after purchasing an additional 1,178,190 shares during the last quarter. TD Asset Management Inc increased its stake in TC Energy by 2.9% during the third quarter. TD Asset Management Inc now owns 19,624,247 shares of the pipeline company's stock valued at $1,067,246,000 after purchasing an additional 550,066 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of TC Energy by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 11,237,084 shares of the pipeline company's stock worth $611,410,000 after purchasing an additional 512,759 shares during the period. Finally, Norges Bank acquired a new stake in shares of TC Energy during the second quarter worth $493,434,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Trading Down 0.6%

TC Energy stock opened at $63.31 on Tuesday. TC Energy Corporation has a 52-week low of $43.59 and a 52-week high of $65.57. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $65.92 billion, a price-to-earnings ratio of 27.24 and a beta of 0.72. The firm has a 50-day moving average price of $58.91 and a two-hundred day moving average price of $55.08.

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

TC Energy Increases Dividend

The firm 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. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a yield of 5.5%. This is an increase from TC Energy's previous quarterly dividend of $0.85. TC Energy's payout ratio is 106.90%.

Wall Street Analyst Weigh In

TRP has been the subject of several research reports. The Goldman Sachs Group lifted their price target on shares of TC Energy from $48.00 to $53.00 and gave the company a "sell" rating in a report on Wednesday, February 18th. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research note on Tuesday, February 17th. Morgan Stanley reissued an "overweight" rating on shares of TC Energy in a report on Wednesday, January 28th. Barclays restated an "overweight" rating on shares of TC Energy in a research note on Friday, February 20th. Finally, TD Securities lowered TC Energy from a "buy" rating to a "hold" rating in a report on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus 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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