Nexus Investment Management ULC Sells 18,095 Shares of TC Energy Co. (NYSE:TRP)

Nexus Investment Management ULC lowered its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 601,890 shares of the pipeline company’s stock after selling 18,095 shares during the quarter. TC Energy accounts for about 2.8% of Nexus Investment Management ULC’s investment portfolio, making the stock its 19th biggest holding. Nexus Investment Management ULC’s holdings in TC Energy were worth $27,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TRP. Fortitude Family Office LLC bought a new stake in shares of TC Energy during the 3rd quarter valued at about $28,000. Blue Trust Inc. boosted its holdings in shares of TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Versant Capital Management Inc purchased a new position in shares of TC Energy in the fourth quarter worth approximately $33,000. Point72 DIFC Ltd bought a new stake in TC Energy during the third quarter valued at approximately $39,000. Finally, Farther Finance Advisors LLC increased its holdings in TC Energy by 215.7% during the third quarter. Farther Finance Advisors LLC now owns 1,209 shares of the pipeline company’s stock valued at $57,000 after buying an additional 826 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group lifted their target price on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Monday, October 21st. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. BMO Capital Markets lifted their price objective on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. Finally, UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.67.

TC Energy Stock Performance

NYSE TRP opened at $47.39 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. TC Energy Co. has a twelve month low of $31.83 and a twelve month high of $50.37. The business has a 50-day moving average price of $47.59 and a 200-day moving average price of $45.56. The firm has a market cap of $49.23 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 4.31 and a beta of 0.82.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion. As a group, equities research analysts predict that TC Energy Co. will post 2.95 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. This represents a $3.29 annualized dividend and a yield of 6.94%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s dividend payout ratio (DPR) is presently 63.43%.

TC Energy Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.