TC Energy Corporation $TRP Stock Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management reduced its TC Energy stake by 8%, selling 100,000 shares and retaining 1.15 million shares valued at approximately $66.2 million. Institutional investors collectively own 83.13% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $93.75; Jefferies and US Capital Advisors recently upgraded the stock.
• TC Energy reported quarterly earnings of $0.68 per share, beating estimates, and declared a quarterly dividend of C$0.88, equivalent to an annualized yield of about 5.6%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,145,800 shares of the pipeline company's stock after selling 100,000 shares during the quarter. TC Energy makes up about 3.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 12th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.11% of TC Energy worth $66,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in TRP. Sterling Capital Management LLC bought a new position in shares of TC Energy during the first quarter worth approximately $26,000. Trust Co. of Vermont bought a new stake in TC Energy in the 2nd quarter valued at $33,000. Halbert Hargrove Global Advisors LLC bought a new stake in TC Energy in the 3rd quarter valued at $35,000. Ascentis Independent Advisors bought a new stake in TC Energy in the 1st quarter valued at $49,000. Finally, Aberdeen Wealth Management LLC acquired a new position in TC Energy in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 83.13% of the company's stock.

Analyst Upgrades and Downgrades

TRP has been the topic of several recent research reports. Canadian Imperial Bank of Commerce set a $99.00 target price on shares of TC Energy in a report on Thursday. Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a research report on Tuesday, September 1st. US Capital Advisors upgraded TC Energy from a "hold" rating to a "moderate buy" rating in a research note on Thursday, August 20th. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $93.75.

TC Energy Stock Up 0.2%

Shares of TRP opened at $62.50 on Tuesday. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47. The stock has a market capitalization of $62.50 billion, a price-to-earnings ratio of 23.46 and a beta of 0.70. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a fifty day moving average of $61.26 and a 200-day moving average of $63.39.

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

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a C$0.88 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a yield of 5.6%. TC Energy's payout ratio is 104.98%.

TC Energy Profile

TC Energy Corporation NYSE: TRP is a North American energy infrastructure company that develops and operates natural gas pipelines, storage facilities, power-generation assets and related energy infrastructure. Its natural gas pipeline network connects major supply basins with utilities, power producers, industrial customers and local distribution companies.

The company's operations are primarily located in Canada and the United States, with additional natural gas pipeline interests in Mexico.

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