Sagespring Wealth Partners LLC reduced its holdings in shares of TC Energy Corporation (NYSE:TRP – Free Report) (TSE:TRP) by 10.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,241 shares of the pipeline company’s stock after selling 509 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in TC Energy were worth $200,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in TRP. Lowe Wealth Advisors LLC bought a new position in shares of TC Energy in the first quarter valued at $30,000. SBI Securities Co. Ltd. bought a new position in shares of TC Energy in the fourth quarter valued at $31,000. Synergy Investment Management LLC bought a new position in shares of TC Energy in the fourth quarter valued at $36,000. Millstone Evans Group LLC bought a new position in shares of TC Energy in the fourth quarter valued at $41,000. Finally, First Command Advisory Services Inc. bought a new position in shares of TC Energy in the fourth quarter valued at $46,000. 83.13% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms recently weighed in on TRP. Wall Street Zen cut shares of TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Citigroup assumed coverage on shares of TC Energy in a research report on Friday, April 4th. They set a “neutral” rating for the company. CIBC raised shares of TC Energy from a “neutral” rating to a “sector outperform” rating in a research report on Friday, May 2nd. Finally, Cibc World Mkts raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, TC Energy presently has an average rating of “Moderate Buy” and a consensus price target of $62.00.
TC Energy Stock Down 0.7%
TRP stock opened at $47.40 on Friday. The company has a market cap of $49.28 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 4.59 and a beta of 0.78. The business has a 50-day simple moving average of $49.65 and a 200 day simple moving average of $47.68. TC Energy Corporation has a 52 week low of $37.07 and a 52 week high of $51.99. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.04). The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter in the prior year, the firm earned $1.02 EPS. Sell-side analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.
TC Energy Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.6142 per share. This represents a $2.46 annualized dividend and a dividend yield of 5.18%. The ex-dividend date is Monday, June 30th. TC Energy’s dividend payout ratio (DPR) is currently 77.89%.
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.
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