TC Energy Corporation $TRP Shares Sold by Viking Fund Management LLC

Viking Fund Management LLC trimmed its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 11.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 400,000 shares of the pipeline company’s stock after selling 50,000 shares during the quarter. TC Energy makes up approximately 1.9% of Viking Fund Management LLC’s investment portfolio, making the stock its 9th largest position. Viking Fund Management LLC’s holdings in TC Energy were worth $23,112,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board purchased a new stake in TC Energy during the 2nd quarter valued at about $273,917,000. Korea Investment CORP purchased a new position in TC Energy in the 2nd quarter worth approximately $30,152,000. Wellington Management Group LLP purchased a new position in TC Energy in the 2nd quarter worth approximately $7,450,000. Canada Pension Plan Investment Board acquired a new position in shares of TC Energy during the 2nd quarter worth approximately $1,148,244,000. Finally, GQG Partners LLC acquired a new position in shares of TC Energy during the 2nd quarter worth approximately $1,107,936,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Down 0.7%

TRP stock opened at $61.14 on Thursday. The firm has a market cap of $61.14 billion, a PE ratio of 25.37 and a beta of 0.70. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The firm’s 50 day moving average price is $61.53 and its 200-day moving average price is $64.78. TC Energy Corporation has a one year low of $49.27 and a one year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same period in the prior year, the firm posted $0.82 earnings per share. On average, equities research analysts anticipate that TC Energy Corporation will post 2.78 EPS for the current year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a C$0.88 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. TC Energy’s payout ratio is currently 104.98%.

Wall Street Analysts Forecast Growth

TRP has been the subject of several recent research reports. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. The Goldman Sachs Group raised shares of TC Energy from a “neutral” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Wednesday, September 30th. TD Securities upgraded shares of TC Energy from a “hold” rating to a “buy” rating in a research report on Monday, September 14th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $92.00.

TC Energy Company Profile

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its pipeline network transports natural gas from producing regions to utilities, industrial customers, power generators and export markets, while its storage facilities help support seasonal and daily demand.

The company’s operations are concentrated in Canada, the United States and Mexico. Its major systems include the Canadian Mainline, which connects Western Canadian natural gas supplies with markets in Eastern Canada and the United States, as well as U.S.