First Trust Advisors LP Trims Stock Position in TC Energy Corporation $TRP

First Trust Advisors LP cut its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 12.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 720,201 shares of the pipeline company’s stock after selling 104,051 shares during the quarter. First Trust Advisors LP’s holdings in TC Energy were worth $45,088,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TRP. Sterling Capital Management LLC purchased a new position in TC Energy during the first quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of TC Energy during the fourth quarter worth $25,000. Trust Co. of Vermont acquired a new stake in TC Energy in the 4th quarter valued at about $28,000. McIlrath & Eck LLC acquired a new stake in shares of TC Energy in the fourth quarter valued at approximately $32,000. Finally, SWAN Capital LLC acquired a new stake in shares of TC Energy in the 3rd quarter worth $40,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of NYSE TRP opened at $70.58 on Monday. The company’s 50-day moving average price is $68.61 and its 200 day moving average price is $63.99. The stock has a market cap of $73.54 billion, a price-to-earnings ratio of 30.63 and a beta of 0.66. TC Energy Corporation has a 52 week low of $46.61 and a 52 week high of $71.47. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share 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 business had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the company posted $0.95 EPS. As a group, research analysts forecast that TC Energy Corporation will post 2.72 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Tuesday, June 30th. TC Energy’s payout ratio is currently 107.39%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TRP shares. Barclays restated an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. BMO Capital Markets reissued an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. TD Securities reiterated a “hold” rating on shares of TC Energy in a report on Thursday, July 16th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a report on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, TC Energy has an average rating of “Moderate Buy” and an average price target of $78.50.

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.