TC Energy Corporation $TRP Stake Decreased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,135,660 shares of the pipeline company’s stock after selling 108,796 shares during the period. TC Energy comprises approximately 1.0% of Maryland State Retirement & Pension System’s holdings, making the stock its 15th biggest holding. Maryland State Retirement & Pension System’s holdings in TC Energy were worth $65,767,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Groupe la Francaise boosted its position in shares of TC Energy by 2.1% in the first quarter. Groupe la Francaise now owns 7,352 shares of the pipeline company’s stock valued at $459,000 after acquiring an additional 154 shares during the period. Ritholtz Wealth Management lifted its stake in TC Energy by 0.9% in the 3rd quarter. Ritholtz Wealth Management now owns 23,202 shares of the pipeline company’s stock worth $1,341,000 after purchasing an additional 210 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in TC Energy by 1.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,946 shares of the pipeline company’s stock worth $1,519,000 after purchasing an additional 257 shares in the last quarter. Louisbourg Investments Inc. boosted its holdings in TC Energy by 3.0% in the 3rd quarter. Louisbourg Investments Inc. now owns 11,421 shares of the pipeline company’s stock valued at $663,000 after purchasing an additional 329 shares during the period. Finally, Cohen Investment Advisors LLC boosted its holdings in TC Energy by 3.7% in the 3rd quarter. Cohen Investment Advisors LLC now owns 9,212 shares of the pipeline company’s stock valued at $535,000 after purchasing an additional 332 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Up 1.3%

Shares of TRP opened at $64.27 on Thursday. The firm’s 50 day simple moving average is $61.40 and its 200 day simple moving average is $63.97. The company has a market capitalization of $64.27 billion, a P/E ratio of 23.89 and a beta of 0.64. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.57 and a quick ratio of 0.49. TC Energy Corporation has a 1-year low of $52.71 and a 1-year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.03. TC Energy had a net margin of 25.05% and a return on equity of 11.67%. The business had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the business posted $0.77 earnings per share. Sell-side analysts forecast that TC Energy Corporation will post 2.81 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 29th. Stockholders of record on Thursday, December 31st will be given a dividend of C$0.88 per share. The ex-dividend date is Thursday, December 31st. This represents a $3.51 annualized dividend and a dividend yield of 5.5%. TC Energy’s dividend payout ratio (DPR) is 93.31%.

Analysts Set New Price Targets

A number of research firms have recently commented on TRP. The Goldman Sachs Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Wednesday, September 30th. Raymond James Financial reiterated a “market perform” rating on shares of TC Energy in a research report on Wednesday, September 16th. TD upgraded TC Energy to a “buy” rating in a research report on Tuesday, September 15th. Canadian Imperial Bank of Commerce set a $99.00 price objective on TC Energy in a research note on Thursday, October 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TC Energy in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.75.

TC Energy Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers. The company’s pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario. Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.