Connor Clark & Lunn Investment Management Ltd. Trims Stake in TC Energy Corporation $TRP

Connor Clark & Lunn Investment Management Ltd. lowered its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.2% in the 3rd quarter, Holdings Channel reports. The fund owned 8,133,562 shares of the pipeline company’s stock after selling 725,594 shares during the quarter. TC Energy accounts for 1.4% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 11th biggest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in TC Energy were worth $442,147,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. grew its stake in TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares during the period. Smartleaf Asset Management LLC lifted its position in TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after buying an additional 565 shares during the period. Sagard Holdings Management Inc. purchased a new position in TC Energy during the second quarter valued at $46,000. City Holding Co. bought a new stake in shares of TC Energy during the 3rd quarter valued at $72,000. Finally, First Horizon Corp purchased a new stake in shares of TC Energy in the 3rd quarter worth about $77,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TRP shares. 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. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Morgan Stanley restated an “overweight” rating on shares of TC Energy in a report on Wednesday, January 28th. National Bank Financial downgraded shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial upgraded shares of TC Energy to a “hold” rating in a report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.50.

TC Energy Price Performance

Shares of NYSE:TRP opened at $63.14 on Thursday. The business has a fifty day moving average price of $59.22 and a 200-day moving average price of $55.23. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.63 and a quick ratio of 0.56. The company has a market capitalization of $65.74 billion, a PE ratio of 27.17 and a beta of 0.72. TC Energy Corporation has a 1-year low of $43.59 and a 1-year high of $65.57.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the previous year, the business posted $1.05 EPS. As a group, equities analysts expect that TC Energy Corporation will post 2.63 EPS 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. Stockholders of record on Tuesday, March 31st will be paid a $0.8775 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Tuesday, March 31st. TC Energy’s payout ratio is currently 110.78%.

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.