Bank of Nova Scotia Sells 11,448,035 Shares of TC Energy Co. (NYSE:TRP)

Bank of Nova Scotia decreased its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 54.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,420,556 shares of the pipeline company’s stock after selling 11,448,035 shares during the period. TC Energy makes up approximately 0.8% of Bank of Nova Scotia’s holdings, making the stock its 19th largest holding. Bank of Nova Scotia owned approximately 0.91% of TC Energy worth $438,953,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRP. FIL Ltd boosted its position in TC Energy by 10.3% during the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock valued at $1,325,558,000 after buying an additional 2,644,627 shares during the period. Prudential PLC purchased a new stake in shares of TC Energy during the fourth quarter valued at approximately $289,000. World Investment Advisors purchased a new position in shares of TC Energy in the fourth quarter worth $247,000. Cinctive Capital Management LP grew its holdings in TC Energy by 12.3% in the 4th quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company’s stock worth $9,042,000 after acquiring an additional 21,243 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of TC Energy in the fourth quarter valued at about $4,841,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TRP stock opened at $45.75 on Tuesday. The company has a market capitalization of $47.54 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 4.34 and a beta of 0.74. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. TC Energy Co. has a one year low of $34.95 and a one year high of $50.37. The company’s 50-day moving average is $46.57 and its 200 day moving average is $47.00.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter in the prior year, the company posted $1.35 earnings per share. Sell-side analysts expect that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.85 per share. This is an increase from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.43%. The ex-dividend date is Monday, March 31st. TC Energy’s dividend payout ratio is presently 72.53%.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD Securities started coverage on TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. Royal Bank of Canada raised their price objective on shares of TC Energy from $71.00 to $74.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, February 3rd. Finally, Citigroup initiated coverage on TC Energy in a research note on Friday. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

TC Energy 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.