Truist Financial Corp Cuts Holdings in TC Energy Corporation $TRP

Truist Financial Corp cut its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 6.6% during the third quarter, Holdings Channel reports. The institutional investor owned 210,678 shares of the pipeline company’s stock after selling 14,934 shares during the quarter. Truist Financial Corp’s holdings in TC Energy were worth $11,463,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Hilltop National Bank purchased a new stake in TC Energy during the second quarter worth about $32,000. Harbor Asset Planning Inc. acquired a new stake in shares of TC Energy in the 2nd quarter worth approximately $43,000. Sagard Holdings Management Inc. purchased a new position in TC Energy in the 2nd quarter valued at approximately $46,000. SouthState Corp raised its holdings in TC Energy by 2,757.1% during the second quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock worth $49,000 after purchasing an additional 965 shares during the last quarter. Finally, City Holding Co. purchased a new stake in TC Energy during the third quarter worth $72,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research note on Sunday, January 4th. TD Securities reaffirmed a “buy” rating on shares of TC Energy in a report on Friday, October 17th. Citigroup reissued a “neutral” rating on shares of TC Energy in a research note on Thursday, November 20th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Finally, Cibc World Mkts cut TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.00.

TC Energy Stock Performance

NYSE TRP opened at $58.65 on Friday. The business’s 50-day moving average price is $54.91 and its 200 day moving average price is $52.65. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.60. TC Energy Corporation has a twelve month low of $43.51 and a twelve month high of $59.44. The company has a market capitalization of $61.04 billion, a PE ratio of 25.28 and a beta of 0.72.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, meeting analysts’ consensus estimates of $0.56. TC Energy had a net margin of 23.86% and a return on equity of 10.61%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the prior year, the company posted $1.03 EPS. On average, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were issued a $0.85 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date was Wednesday, December 31st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 5.8%. TC Energy’s dividend payout ratio (DPR) is 106.90%.

TC Energy 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.