Mufg Securities Canada LTD. Sells 91,602 Shares of TC Energy Corporation $TRP

Mufg Securities Canada LTD. decreased its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 4,670,848 shares of the pipeline company’s stock after selling 91,602 shares during the quarter. TC Energy comprises 7.1% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 3rd largest holding. Mufg Securities Canada LTD.’s holdings in TC Energy were worth $253,934,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. lifted its position in TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 297 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock worth $43,000 after buying an additional 565 shares during the last quarter. Sagard Holdings Management Inc. acquired a new position in TC Energy in the second quarter valued at approximately $46,000. SouthState Corp boosted its stake in TC Energy by 2,757.1% in the second quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock valued at $49,000 after acquiring an additional 965 shares during the last quarter. Finally, City Holding Co. acquired a new stake in TC Energy during the 3rd quarter worth $72,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Stock Performance

Shares of TRP stock opened at $64.38 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. TC Energy Corporation has a 52 week low of $43.59 and a 52 week high of $64.92. The company’s 50 day moving average price is $57.89 and its two-hundred day moving average price is $54.51. The company has a market capitalization of $67.03 billion, a P/E ratio of 27.70 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same quarter in the prior year, the company earned $1.05 earnings per share. On average, analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wall Street Zen upgraded TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Citigroup restated a “neutral” rating on shares of TC Energy in a report on Thursday, February 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $72.50.

About TC Energy

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.