Pictet Asset Management Holding SA Trims Holdings in TC Energy Corporation $TRP

Pictet Asset Management Holding SA lowered its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 3.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 389,807 shares of the pipeline company’s stock after selling 12,436 shares during the period. Pictet Asset Management Holding SA’s holdings in TC Energy were worth $24,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of TC Energy during the 4th quarter valued at $25,000. Sterling Capital Management LLC purchased a new stake in TC Energy in the 1st quarter worth $26,000. Trust Co. of Vermont bought a new stake in TC Energy during the fourth quarter valued at about $28,000. McIlrath & Eck LLC purchased a new position in shares of TC Energy in the fourth quarter valued at about $32,000. Finally, SWAN Capital LLC purchased a new position in shares of TC Energy in the third quarter valued at about $40,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Down 1.1%

Shares of NYSE TRP opened at $65.58 on Thursday. The firm’s 50-day moving average price is $67.23 and its 200-day moving average price is $62.38. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $68.33 billion, a price-to-earnings ratio of 28.46 and a beta of 0.66. TC Energy Corporation has a 12-month low of $46.29 and a 12-month high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.During the same quarter in the previous year, the business earned $0.95 EPS. On average, equities research analysts anticipate that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.4%. TC Energy’s dividend payout ratio is currently 110.43%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRP. The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. Barclays restated an “overweight” rating on shares of TC Energy in a research note on Monday, May 4th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. BMO Capital Markets restated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

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.