Nexus Investment Management ULC Sells 18,095 Shares of TC Energy Co. (NYSE:TRP)

Nexus Investment Management ULC reduced its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 601,890 shares of the pipeline company’s stock after selling 18,095 shares during the quarter. TC Energy comprises 2.8% of Nexus Investment Management ULC’s investment portfolio, making the stock its 19th largest position. Nexus Investment Management ULC owned approximately 0.06% of TC Energy worth $27,987,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Intech Investment Management LLC increased its position in TC Energy by 14.3% during the 2nd quarter. Intech Investment Management LLC now owns 32,936 shares of the pipeline company’s stock valued at $1,248,000 after purchasing an additional 4,127 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in TC Energy by 4.7% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 15,708 shares of the pipeline company’s stock worth $596,000 after buying an additional 703 shares in the last quarter. AE Wealth Management LLC lifted its holdings in TC Energy by 9.4% in the second quarter. AE Wealth Management LLC now owns 8,550 shares of the pipeline company’s stock worth $324,000 after buying an additional 738 shares during the period. Westwood Holdings Group Inc. boosted its position in TC Energy by 650.5% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,526,365 shares of the pipeline company’s stock valued at $57,849,000 after acquiring an additional 1,322,976 shares in the last quarter. Finally, Ensign Peak Advisors Inc grew its holdings in shares of TC Energy by 3.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 67,607 shares of the pipeline company’s stock worth $2,656,000 after acquiring an additional 2,200 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRP has been the topic of several research reports. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their target price on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. Veritas upgraded shares of TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. TD Securities initiated coverage on shares of TC Energy in a report on Wednesday. They issued a “buy” rating on the stock. Finally, StockNews.com initiated coverage on shares of TC Energy in a report on Wednesday, December 4th. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.67.

TC Energy Price Performance

Shares of TRP opened at $47.39 on Friday. The company has a market capitalization of $49.23 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 4.31 and a beta of 0.82. TC Energy Co. has a twelve month low of $31.83 and a twelve month high of $50.37. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The firm has a 50 day moving average of $47.59 and a 200 day moving average of $45.56.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. As a group, equities research analysts anticipate that TC Energy Co. will post 2.95 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.29 annualized dividend and a yield of 6.94%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s dividend payout ratio is currently 63.43%.

About TC Energy

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.