TC Energy Co. (NYSE:TRP) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC increased its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,847 shares of the pipeline company’s stock after acquiring an additional 491 shares during the quarter. Procyon Advisors LLC’s holdings in TC Energy were worth $611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TRP. Intech Investment Management LLC acquired a new position in TC Energy in the 1st quarter valued at about $1,159,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in TC Energy by 15.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,109,055 shares of the pipeline company’s stock valued at $81,599,000 after purchasing an additional 278,886 shares during the last quarter. M&G Plc acquired a new position in TC Energy in the 1st quarter valued at about $111,587,000. Cetera Investment Advisers boosted its holdings in TC Energy by 74.1% in the 1st quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company’s stock valued at $3,972,000 after purchasing an additional 42,024 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its holdings in TC Energy by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 1,302,358 shares of the pipeline company’s stock valued at $52,355,000 after purchasing an additional 22,430 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TRP. Veritas upgraded shares of TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. upgraded shares of TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday. Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Finally, StockNews.com began coverage on shares of TC Energy in a research note on Saturday, October 5th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $43.50.

TC Energy Price Performance

TC Energy stock opened at $46.82 on Wednesday. TC Energy Co. has a 1 year low of $30.48 and a 1 year high of $46.94. The company’s 50 day simple moving average is $45.61 and its 200-day simple moving average is $41.07. The company has a market capitalization of $46.82 billion, a price-to-earnings ratio of 24.13, a price-to-earnings-growth ratio of 3.68 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the prior year, the firm earned $0.71 EPS. As a group, equities research analysts expect that TC Energy Co. will post 3.06 earnings per share for the current year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a yield of 6.00%. The ex-dividend date is Friday, September 27th. TC Energy’s payout ratio is currently 146.39%.

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.