Ausbil Investment Management Ltd Trims Stake in TC Energy Corporation $TRP

Ausbil Investment Management Ltd cut its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 21.1% in the fourth quarter, HoldingsChannel reports. The fund owned 79,286 shares of the pipeline company’s stock after selling 21,233 shares during the period. TC Energy accounts for approximately 2.5% of Ausbil Investment Management Ltd’s investment portfolio, making the stock its 15th largest holding. Ausbil Investment Management Ltd’s holdings in TC Energy were worth $4,372,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Campbell & CO Investment Adviser LLC purchased a new position in TC Energy during the third quarter worth approximately $1,391,000. Advisors Asset Management Inc. increased its position in shares of TC Energy by 38.8% in the third quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock valued at $4,796,000 after buying an additional 24,617 shares in the last quarter. Citigroup Inc. raised its stake in shares of TC Energy by 19.2% during the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company’s stock worth $20,562,000 after buying an additional 61,013 shares during the period. Norges Bank acquired a new position in shares of TC Energy during the 2nd quarter worth approximately $493,434,000. Finally, Vanguard Group Inc. lifted its position in shares of TC Energy by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company’s stock valued at $2,545,777,000 after buying an additional 914,168 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 0.6%

NYSE TRP opened at $63.66 on Friday. The business has a fifty day moving average price of $61.31 and a 200 day moving average price of $56.14. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. The company has a market cap of $66.29 billion, a P/E ratio of 27.39 and a beta of 0.72. TC Energy Corporation has a one year low of $43.59 and a one year high of $65.57.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the previous year, the company posted $1.05 EPS. Research analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. TC Energy’s dividend payout ratio (DPR) is presently 106.90%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TRP. Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Friday, February 20th. Raymond James Financial raised shares of TC Energy to a “hold” rating in a report on Tuesday, February 17th. The Goldman Sachs Group lifted their target price on shares of TC Energy from $48.00 to $53.00 and gave the company a “sell” rating in a research report on Wednesday, February 18th. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research note on Monday, February 16th. Finally, Canadian Imperial Bank of Commerce downgraded shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.50.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.