Assetmark Inc. Cuts Position in TC Energy Corporation $TRP

Assetmark Inc. decreased its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 15.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 112,138 shares of the pipeline company’s stock after selling 19,806 shares during the period. Assetmark Inc.’s holdings in TC Energy were worth $7,020,000 as of its most recent SEC filing.

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

TC Energy Stock Performance

TRP opened at $68.65 on Wednesday. TC Energy Corporation has a 52-week low of $46.61 and a 52-week high of $71.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a 50-day moving average of $68.47 and a 200-day moving average of $63.68. The company has a market cap of $71.53 billion, a PE ratio of 29.80 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating 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 company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, equities research analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a $0.8775 dividend. This represents a $3.51 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s payout ratio is currently 107.39%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TRP shares. Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Thursday, July 16th. Morgan Stanley cut TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. Royal Bank Of Canada boosted their price objective on TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Weiss Ratings lowered TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

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.