Ritholtz Wealth Management Lowers Stock Holdings in TC Energy Corporation (NYSE:TRP)

Ritholtz Wealth Management lowered its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.4% in the first quarter, Holdings Channel.com reports. The firm owned 21,949 shares of the pipeline company’s stock after selling 2,008 shares during the period. Ritholtz Wealth Management’s holdings in TC Energy were worth $1,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lowe Wealth Advisors LLC purchased a new stake in shares of TC Energy in the first quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of TC Energy in the fourth quarter valued at $31,000. Synergy Investment Management LLC purchased a new stake in shares of TC Energy in the fourth quarter valued at $36,000. Millstone Evans Group LLC purchased a new stake in shares of TC Energy in the fourth quarter valued at $41,000. Finally, First Command Advisory Services Inc. purchased a new stake in shares of TC Energy in the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

TRP has been the subject of a number of recent analyst reports. Citigroup assumed coverage on TC Energy in a research report on Friday, April 4th. They issued a “neutral” rating for the company. Veritas raised TC Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Royal Bank Of Canada boosted their price target on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 2nd. Finally, Wall Street Zen downgraded TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy Price Performance

Shares of NYSE TRP opened at $48.26 on Wednesday. TC Energy Corporation has a 1-year low of $37.07 and a 1-year high of $51.99. The business has a 50-day moving average of $49.57 and a 200-day moving average of $47.69. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The company has a market capitalization of $50.17 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 4.73 and a beta of 0.78.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the previous year, the company earned $1.02 EPS. On average, equities analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy’s dividend payout ratio is currently 77.89%.

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.