CIBC Asset Management Inc Lowers Position in TC Energy Corporation $TRP

CIBC Asset Management Inc decreased its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,942,519 shares of the pipeline company’s stock after selling 111,236 shares during the period. TC Energy comprises about 1.2% of CIBC Asset Management Inc’s holdings, making the stock its 23rd biggest position. CIBC Asset Management Inc’s holdings in TC Energy were worth $493,635,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in TC Energy in the 4th quarter valued at $583,732,000. American Century Companies Inc. boosted its holdings in shares of TC Energy by 514.5% during the 3rd quarter. American Century Companies Inc. now owns 6,491,799 shares of the pipeline company’s stock valued at $352,976,000 after purchasing an additional 5,435,310 shares during the last quarter. BROOKFIELD Corp ON purchased a new position in shares of TC Energy during the second quarter valued at about $78,443,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of TC Energy by 32.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,496,410 shares of the pipeline company’s stock valued at $244,650,000 after purchasing an additional 1,109,897 shares in the last quarter. Finally, Capital Research Global Investors increased its holdings in shares of TC Energy by 2.5% in the third quarter. Capital Research Global Investors now owns 41,977,582 shares of the pipeline company’s stock worth $2,282,469,000 after purchasing an additional 1,041,864 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

TRP stock opened at $68.06 on Wednesday. The firm has a market cap of $68.06 billion, a price-to-earnings ratio of 29.54 and a beta of 0.66. TC Energy Corporation has a twelve month low of $46.29 and a twelve month high of $71.47. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The business’s fifty day simple moving average is $64.74 and its two-hundred day simple moving average is $60.18.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same period in the prior year, the business posted $0.95 earnings per share. Analysts predict that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Tuesday, June 30th. TC Energy’s dividend payout ratio is currently 109.57%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TRP. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research note on Monday, February 16th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings cut TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. Raymond James Financial upgraded TC Energy to a “hold” rating in a research report on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy 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.