TC Energy Corporation $TRP Stake Reduced by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in TC Energy Corporation by 43.8%, selling 1,291,786 shares and retaining 1,660,649 shares valued at approximately $78.8 million.
• TC Energy recently announced an increase in its quarterly dividend to $0.6148, representing a dividend yield of 4.7% compared to the previous quarter's dividend of $0.61.
• Analysts have given TC Energy an average rating of "Moderate Buy" with a price target of $62.00, while the company reported earnings of $0.59 per share, exceeding analyst expectations.

The Manufacturers Life Insurance Company decreased its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 43.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,660,649 shares of the pipeline company's stock after selling 1,291,786 shares during the period. The Manufacturers Life Insurance Company owned about 0.16% of TC Energy worth $78,821,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Lowe Wealth Advisors LLC bought a new stake in shares of TC Energy during the 1st quarter valued at about $30,000. TruNorth Capital Management LLC bought a new stake in shares of TC Energy during the 1st quarter valued at about $45,000. Truvestments Capital LLC bought a new stake in shares of TC Energy during the 1st quarter valued at about $45,000. Golden State Wealth Management LLC grew its position in shares of TC Energy by 222.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after buying an additional 742 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its position in shares of TC Energy by 75.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after buying an additional 501 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

NYSE:TRP traded down $0.72 during mid-day trading on Thursday, hitting $51.34. The stock had a trading volume of 1,378,048 shares, compared to its average volume of 2,284,324. The company has a 50 day simple moving average of $49.18 and a 200-day simple moving average of $48.53. The stock has a market capitalization of $53.39 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 4.98 and a beta of 0.77. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. TC Energy Corporation has a 52 week low of $40.76 and a 52 week high of $52.39.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter in the prior year, the firm posted $0.79 EPS. On average, research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a $0.6148 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.8%. This is a boost from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. TC Energy's payout ratio is 83.62%.

Wall Street Analysts Forecast Growth

TRP has been the subject of a number of recent research reports. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.