NewEdge Advisors LLC Decreases Position in TC Energy Corporation $TRP

NewEdge Advisors LLC lessened its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 20.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,072 shares of the pipeline company’s stock after selling 11,318 shares during the quarter. NewEdge Advisors LLC’s holdings in TC Energy were worth $2,759,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in TC Energy in the fourth quarter worth $25,000. Sterling Capital Management LLC bought a new stake in shares of TC Energy in the first quarter valued at $26,000. McIlrath & Eck LLC purchased a new position in shares of TC Energy during the 4th quarter valued at $32,000. SWAN Capital LLC purchased a new position in shares of TC Energy during the 3rd quarter valued at $40,000. Finally, Glen Eagle Advisors LLC bought a new position in shares of TC Energy during the 4th quarter worth $44,000. 83.13% of the stock is owned by institutional investors.

TC Energy Price Performance

Shares of NYSE TRP opened at $63.11 on Friday. The stock has a market cap of $65.76 billion, a PE ratio of 26.19 and a beta of 0.66. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47. 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 stock has a fifty day moving average of $67.62 and a 200-day moving average of $65.07.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the firm posted $0.82 EPS. Equities research analysts anticipate that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. TC Energy’s dividend payout ratio is currently 102.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TRP shares. National Bank Financial raised TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. TD Securities reiterated a “hold” rating on shares of TC Energy in a research report on Thursday, July 16th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Morgan Stanley downgraded shares of TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. Finally, Royal Bank Of Canada boosted their price target on shares of TC Energy from $104.00 to $106.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, TC Energy has an average rating of “Moderate Buy” and a consensus price target of $89.00.

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.