Wrapmanager Inc. Cuts Stake in TC Energy Co. (NYSE:TRP)

Wrapmanager Inc. lowered its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 17.3% in the 4th quarter, HoldingsChannel reports. The fund owned 10,233 shares of the pipeline company’s stock after selling 2,142 shares during the period. Wrapmanager Inc.’s holdings in TC Energy were worth $400,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TRP. Vanguard Group Inc. raised its stake in shares of TC Energy by 3.5% during the third quarter. Vanguard Group Inc. now owns 39,625,940 shares of the pipeline company’s stock valued at $1,363,529,000 after acquiring an additional 1,344,000 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in TC Energy by 18.0% during the third quarter. Canada Pension Plan Investment Board now owns 24,574,983 shares of the pipeline company’s stock valued at $849,037,000 after acquiring an additional 3,740,495 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in TC Energy by 70.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 16,540,018 shares of the pipeline company’s stock valued at $569,058,000 after buying an additional 6,840,000 shares during the last quarter. Legal & General Group Plc grew its position in TC Energy by 3.5% during the 3rd quarter. Legal & General Group Plc now owns 9,725,714 shares of the pipeline company’s stock worth $335,992,000 after purchasing an additional 328,795 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in TC Energy by 24.8% in the 3rd quarter. CIBC Asset Management Inc now owns 9,567,604 shares of the pipeline company’s stock worth $330,044,000 after acquiring an additional 1,901,838 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Up 0.9 %

Shares of TRP traded up $0.33 during mid-day trading on Thursday, hitting $38.20. The company had a trading volume of 2,331,222 shares, compared to its average volume of 3,079,437. TC Energy Co. has a 1-year low of $32.51 and a 1-year high of $42.31. The company has a quick ratio of 0.88, a current ratio of 0.96 and a debt-to-equity ratio of 1.65. The business’s 50-day simple moving average is $38.39 and its 200-day simple moving average is $38.18. The stock has a market cap of $38.20 billion, a PE ratio of 19.69, a P/E/G ratio of 3.24 and a beta of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, February 16th. The pipeline company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.20. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $2.93 billion. TC Energy had a return on equity of 20.63% and a net margin of 17.23%. Sell-side analysts forecast that TC Energy Co. will post 2.9 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.43%. The ex-dividend date is Friday, June 28th. TC Energy’s payout ratio is currently 145.88%.

Wall Street Analyst Weigh In

TRP has been the subject of a number of analyst reports. Jefferies Financial Group started coverage on TC Energy in a report on Tuesday, February 27th. They issued a “hold” rating for the company. Stifel Nicolaus began coverage on shares of TC Energy in a research report on Thursday, January 18th. They set a “buy” rating on the stock. Barclays increased their target price on shares of TC Energy from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, January 29th. TheStreet upgraded TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. Finally, The Goldman Sachs Group upped their target price on shares of TC Energy from $29.00 to $32.00 and gave the stock a “sell” rating in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.83.

TC Energy Company Profile

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.