TC Energy Corporation $TRP Shares Sold by CNB Bank

CNB Bank lessened its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 20.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,243 shares of the pipeline company’s stock after selling 585 shares during the period. CNB Bank’s holdings in TC Energy were worth $109,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its position in TC Energy by 2,565.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock worth $769,815,000 after purchasing an additional 15,694,336 shares during the last quarter. Bank of Nova Scotia grew its holdings in TC Energy by 80.3% in the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company’s stock worth $802,164,000 after buying an additional 7,562,887 shares in the last quarter. Canada Pension Plan Investment Board increased its position in TC Energy by 34.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock valued at $935,627,000 after acquiring an additional 5,053,228 shares during the period. Deutsche Bank AG raised its stake in TC Energy by 175.1% during the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company’s stock valued at $271,845,000 after acquiring an additional 3,664,862 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in TC Energy by 31.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company’s stock worth $444,885,000 after acquiring an additional 2,242,918 shares during the period. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRP has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of TC Energy in a research report on Friday. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. US Capital Advisors cut TC Energy from a “moderate buy” rating to a “hold” rating in a report on Thursday, August 21st. Finally, Cibc World Mkts lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

TC Energy Stock Down 1.2%

TRP stock opened at $50.38 on Friday. The firm has a market cap of $52.41 billion, a PE ratio of 17.19, a P/E/G ratio of 4.78 and a beta of 0.75. TC Energy Corporation has a 12 month low of $43.51 and a 12 month high of $55.37. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $52.32 and a 200 day simple moving average of $50.11.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. Equities research analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy’s dividend payout ratio (DPR) is currently 84.30%.

About TC Energy

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.