TC Energy Co. (NYSE:TRP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 5.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 109,654 shares of the pipeline company’s stock after selling 6,108 shares during the period. PNC Financial Services Group Inc.’s holdings in TC Energy were worth $5,214,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TRP. Murchinson Ltd. bought a new position in TC Energy in the 1st quarter worth approximately $506,485,000. Canada Pension Plan Investment Board increased its holdings in shares of TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after purchasing an additional 10,065,000 shares during the period. Merewether Investment Management LP bought a new stake in shares of TC Energy during the second quarter valued at about $112,618,000. Cardinal Capital Management Inc. lifted its holdings in TC Energy by 101.4% in the second quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock worth $192,024,000 after purchasing an additional 2,551,926 shares during the period. Finally, Marshall Wace LLP grew its position in TC Energy by 841.1% in the 2nd quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock valued at $77,349,000 after buying an additional 1,824,008 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

NYSE TRP opened at $49.85 on Friday. The stock has a market capitalization of $51.74 billion, a P/E ratio of 13.81, a P/E/G ratio of 4.22 and a beta of 0.81. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31. The business’s fifty day moving average is $47.22 and its two-hundred day moving average is $43.22. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. On average, research analysts forecast that TC Energy Co. will post 2.98 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.822 dividend. This represents a $3.29 annualized dividend and a dividend yield of 6.60%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio (DPR) is presently 67.31%.

Analysts Set New Price Targets

A number of research firms have commented on TRP. Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Finally, BMO Capital Markets raised their target price on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.67.

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.