Parr Mcknight Wealth Management Group LLC Decreases Stake in TC Energy Corporation $TRP

Parr Mcknight Wealth Management Group LLC cut its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 25.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 32,532 shares of the pipeline company’s stock after selling 10,955 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in TC Energy were worth $2,157,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. GQG Partners LLC raised its holdings in TC Energy by 586.5% in the fourth quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock valued at $890,711,000 after acquiring an additional 13,801,371 shares in the last quarter. Norges Bank acquired a new position in TC Energy during the 4th quarter worth approximately $583,732,000. Deutsche Bank AG grew its holdings in TC Energy by 63.2% during the 4th quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock worth $846,288,000 after acquiring an additional 5,956,263 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in TC Energy during the 2nd quarter worth approximately $78,443,000. Finally, TD Asset Management Inc increased its position in shares of TC Energy by 6.3% in the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock valued at $1,150,656,000 after purchasing an additional 1,244,525 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Stock Up 1.4%

Shares of NYSE:TRP opened at $64.00 on Friday. The firm has a 50 day simple moving average of $67.53 and a 200-day simple moving average of $65.06. TC Energy Corporation has a twelve month low of $49.27 and a twelve month high of $71.47. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $66.68 billion, a PE ratio of 26.56 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period last year, the firm posted $0.82 EPS. On average, equities analysts predict that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a $0.8775 dividend. This represents a $3.51 annualized dividend and a yield of 5.5%. The ex-dividend date is Tuesday, September 29th. TC Energy’s dividend payout ratio is currently 102.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. TD Securities reiterated a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. BMO Capital Markets restated an “outperform” rating and issued a $99.00 price target on shares of TC Energy in a research note on Friday, July 31st. Finally, The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $53.00 to $62.00 in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

TC Energy 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.