Capital Group Private Client Services Inc. Trims Stock Position in TC Energy Corporation $TRP

Capital Group Private Client Services Inc. reduced its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 76.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,600 shares of the pipeline company’s stock after selling 797,749 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in TC Energy were worth $13,409,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of TRP. Norges Bank purchased a new position in shares of TC Energy during the 2nd quarter valued at about $493,434,000. American Century Companies Inc. grew its position in TC Energy by 514.5% during the third quarter. American Century Companies Inc. now owns 6,491,799 shares of the pipeline company’s stock valued at $352,976,000 after acquiring an additional 5,435,310 shares during the last quarter. Public Sector Pension Investment Board grew its position in TC Energy by 2,573.3% during the second quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock valued at $130,600,000 after acquiring an additional 2,580,300 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in shares of TC Energy during the second quarter worth approximately $100,398,000. Finally, Nicola Wealth Management LTD. raised its stake in shares of TC Energy by 793.7% during the third quarter. Nicola Wealth Management LTD. now owns 2,302,996 shares of the pipeline company’s stock worth $125,229,000 after acquiring an additional 2,045,300 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TRP has been the subject of a number of research reports. Canadian Imperial Bank of Commerce cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. National Bank Financial lowered shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Royal Bank Of Canada raised their price objective on TC Energy from $84.00 to $92.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. TD Securities downgraded TC Energy from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Friday, February 20th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $72.50.

TC Energy Price Performance

Shares of TC Energy stock opened at $63.31 on Tuesday. The company has a market cap of $65.92 billion, a PE ratio of 27.24 and a beta of 0.72. The business has a 50 day moving average of $58.91 and a 200 day moving average of $55.08. TC Energy Corporation has a 52 week low of $43.59 and a 52 week high of $65.57. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the firm earned $1.05 EPS. As a group, equities research analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s payout ratio is presently 106.90%.

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.