CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Decreases Stock Holdings in TC Energy Corporation $TRP

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 1.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,280,600 shares of the pipeline company’s stock after selling 14,900 shares during the quarter. TC Energy accounts for 4.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 10th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.12% of TC Energy worth $80,166,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TRP. Annis Gardner Whiting Capital Advisors LLC acquired a new position in TC Energy during the fourth quarter worth about $25,000. Sterling Capital Management LLC acquired a new position in TC Energy during the 1st quarter worth approximately $26,000. Trust Co. of Vermont bought a new position in TC Energy in the 4th quarter valued at approximately $28,000. McIlrath & Eck LLC acquired a new stake in TC Energy in the fourth quarter valued at approximately $32,000. Finally, SWAN Capital LLC bought a new stake in shares of TC Energy during the third quarter worth $40,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TRP. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and lifted their price target for the company from $53.00 to $62.00 in a research note on Monday, April 20th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. TD Securities reissued a “hold” rating on shares of TC Energy in a report on Monday, May 4th. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Stock Performance

Shares of TRP stock opened at $66.37 on Monday. The stock has a market capitalization of $69.15 billion, a PE ratio of 28.81 and a beta of 0.66. The business’s 50 day simple moving average is $67.48 and its 200 day simple moving average is $62.55. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. TC Energy Corporation has a one year low of $46.29 and a one year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the company earned $0.95 EPS. As a group, research analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.3%. TC Energy’s dividend payout ratio (DPR) is 110.43%.

TC Energy Company Profile

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.