Bank of New York Mellon Corp Has $56.68 Million Position in TC Energy Corporation $TRP

Bank of New York Mellon Corp lowered its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 905,452 shares of the pipeline company’s stock after selling 30,782 shares during the quarter. Bank of New York Mellon Corp’s holdings in TC Energy were worth $56,681,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TRP. Sterling Capital Management LLC bought a new stake in shares of TC Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of TC Energy during the 4th quarter worth approximately $25,000. Trust Co. of Vermont bought a new position in shares of TC Energy during the 4th quarter worth approximately $28,000. McIlrath & Eck LLC acquired a new stake in TC Energy in the 4th quarter valued at $32,000. Finally, SWAN Capital LLC acquired a new stake in TC Energy in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TRP. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Morgan Stanley lowered shares of TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Barclays restated an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

TC Energy Price Performance

Shares of TRP stock opened at $69.86 on Friday. The stock’s fifty day moving average is $68.56 and its 200-day moving average is $63.88. 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 market capitalization of $72.79 billion, a PE ratio of 30.32 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.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the company posted $0.95 earnings per share. Equities research analysts expect that TC Energy Corporation will post 2.72 EPS for the current fiscal year.

TC Energy Dividend Announcement

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

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.