Truist Financial Corp Lowers Stock Position in TC Energy Corporation $TRP

Key Points

• Truist Financial Corp reduced its stake in TC Energy Corporation by 5.8% in the second quarter, owning a total of 225,612 shares valued at approximately $11 million.
• The company recently increased its quarterly dividend to $0.6148, representing an annual yield of 4.5%.
• Recent research reports reflect a mixed sentiment on TC Energy, with ratings ranging from strong buy to sell, and an average price target of $62.00.

Truist Financial Corp lessened its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,612 shares of the pipeline company's stock after selling 13,981 shares during the quarter. Truist Financial Corp's holdings in TC Energy were worth $11,008,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in TC Energy by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock worth $43,209,000 after buying an additional 10,227 shares during the period. Farther Finance Advisors LLC lifted its position in shares of TC Energy by 77.7% during the first quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock worth $110,000 after purchasing an additional 1,005 shares in the last quarter. Wealthstar Advisors LLC acquired a new stake in shares of TC Energy during the first quarter worth about $432,000. FORA Capital LLC acquired a new stake in shares of TC Energy during the first quarter worth about $776,000. Finally, Golden State Wealth Management LLC lifted its position in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after purchasing an additional 742 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analyst Weigh In

TRP has been the topic of several research reports. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Wall Street Zen cut shares of TC Energy from a "hold" rating to a "sell" rating in a research report on Friday. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of TC Energy in a research report on Saturday, September 27th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Stock Up 1.6%

Shares of NYSE:TRP opened at $55.16 on Friday. The firm's 50 day moving average price is $51.37 and its 200 day moving average price is $49.62. The stock has a market cap of $57.38 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 5.29 and a beta of 0.75. TC Energy Corporation has a fifty-two week low of $43.51 and a fifty-two week high of $55.34. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations 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 last year, the company earned $0.79 earnings per share. As a group, equities research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a $0.6148 dividend. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 29th. TC Energy's payout ratio is currently 84.30%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.