Point72 Asset Management L.P. Lowers Stock Holdings in TC Energy Co. (NYSE:TRP)

Point72 Asset Management L.P. trimmed its stake in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 3.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,042,652 shares of the pipeline company's stock after selling 33,884 shares during the period. Point72 Asset Management L.P. owned 0.10% of TC Energy worth $48,568,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TRP. Norges Bank purchased a new stake in shares of TC Energy in the fourth quarter valued at approximately $428,759,000. Mufg Securities Canada LTD. boosted its stake in TC Energy by 571.7% during the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after buying an additional 5,264,079 shares during the last quarter. Blackstone Inc. grew its holdings in TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after buying an additional 3,482,874 shares in the last quarter. FIL Ltd increased its stake in shares of TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after acquiring an additional 2,644,627 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of TC Energy during the 4th quarter worth $102,405,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Performance

TC Energy stock traded down $0.37 during midday trading on Monday, hitting $49.47. 1,272,483 shares of the company's stock were exchanged, compared to its average volume of 2,510,486. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. The stock has a market cap of $51.43 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 4.34 and a beta of 0.78. The firm's 50 day simple moving average is $48.43 and its 200 day simple moving average is $47.48. TC Energy Co. has a 12-month low of $37.07 and a 12-month high of $51.34.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). TC Energy had a net margin of 29.40% and a return on equity of 12.12%. The business had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter last year, the firm earned $1.02 earnings per share. Equities research analysts predict that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be given a $0.6142 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio is currently 77.89%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRP. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Citigroup began coverage on shares of TC Energy in a research report on Friday, April 4th. They set a "neutral" rating on the stock. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Monday, February 3rd. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Royal Bank of Canada boosted their target price on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Company 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.