TC Energy Corporation $TRP Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 9,255,432 shares of the pipeline company’s stock after selling 389,747 shares during the quarter. Legal & General Group Plc’s holdings in TC Energy were worth $503,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after purchasing an additional 3,892 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of TC Energy by 46.1% in the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after buying an additional 3,929 shares during the period. Intech Investment Management LLC grew its holdings in shares of TC Energy by 200.7% during the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 17,939 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of TC Energy by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 918,293 shares of the pipeline company’s stock worth $44,804,000 after acquiring an additional 3,052 shares during the period. Finally, Savant Capital LLC bought a new stake in shares of TC Energy during the second quarter valued at approximately $271,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Trading Up 0.5%

Shares of NYSE TRP opened at $63.69 on Wednesday. The business has a 50 day simple moving average of $59.06 and a 200 day simple moving average of $55.17. TC Energy Corporation has a 52 week low of $43.59 and a 52 week high of $65.57. The stock has a market cap of $66.31 billion, a price-to-earnings ratio of 27.40 and a beta of 0.72. 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 (NYSE:TRP) (TSE:TRP) last posted its earnings results 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. The firm 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 period in the previous year, the company earned $1.05 earnings per share. On average, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

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

Analysts Set New Price Targets

TRP has been the subject of a number of research analyst reports. Canadian Imperial Bank of Commerce lowered shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Friday, February 20th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research report on Thursday, February 19th. Finally, Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.