Vontobel Holding Ltd. Trims Stock Holdings in TC Energy Corporation $TRP

Key Points

• Vontobel Holding reduced its TC Energy stake by 24.5% in the second quarter, selling 248,015 shares and retaining 762,754 shares valued at approximately $50.5 million. Institutional investors collectively own 83.13% of the company.
• Analyst sentiment remains positive overall, with TC Energy carrying a consensus “Moderate Buy” rating and an average price target of $89.00, despite Morgan Stanley downgrading the stock to “equal weight.”
• TC Energy exceeded quarterly earnings and revenue expectations, reporting $0.68 in adjusted EPS and $2.80 billion in revenue. The company also declared a quarterly dividend of $0.8775 per share, representing a 5.5% annualized yield.

Vontobel Holding Ltd. lowered its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 24.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 762,754 shares of the pipeline company's stock after selling 248,015 shares during the quarter. Vontobel Holding Ltd. owned about 0.07% of TC Energy worth $50,461,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of TC Energy by 1.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 523,931 shares of the pipeline company's stock valued at $34,731,000 after purchasing an additional 6,931 shares during the period. Cardinal Capital Management Inc. lifted its holdings in shares of TC Energy by 0.7% during the second quarter. Cardinal Capital Management Inc. now owns 2,553,583 shares of the pipeline company's stock worth $168,773,000 after purchasing an additional 18,907 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in shares of TC Energy by 21.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 8,725 shares of the pipeline company's stock worth $578,000 after purchasing an additional 1,570 shares during the period. First Bank & Trust boosted its position in TC Energy by 1.4% in the second quarter. First Bank & Trust now owns 60,843 shares of the pipeline company's stock valued at $4,033,000 after buying an additional 860 shares during the last quarter. Finally, Wealth Science Advisors LLC boosted its position in TC Energy by 19.3% in the second quarter. Wealth Science Advisors LLC now owns 4,719 shares of the pipeline company's stock valued at $313,000 after buying an additional 764 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Royal Bank Of Canada raised their price target on shares of TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, June 10th. Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. Finally, TD Securities reissued a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Stock Up 1.4%

TC Energy stock opened at $64.00 on Friday. The firm has a market cap of $66.68 billion, a price-to-earnings ratio of 26.56 and a beta of 0.66. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47. The business's 50-day moving average price is $67.53 and its 200 day moving average price is $65.06. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. During the same period last year, the business earned $0.82 earnings per share. As a group, sell-side analysts anticipate that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's payout ratio is 103.73%.

TC Energy Company 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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