Public Sector Pension Investment Board Sells 4,919 Shares of TC Energy Co. (NYSE:TRP)

Public Sector Pension Investment Board reduced its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,710 shares of the pipeline company’s stock after selling 4,919 shares during the quarter. Public Sector Pension Investment Board’s holdings in TC Energy were worth $6,458,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in TRP. Canada Pension Plan Investment Board raised its holdings in shares of TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after purchasing an additional 10,065,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in TC Energy by 156.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock valued at $321,778,000 after buying an additional 4,126,801 shares during the period. Merewether Investment Management LP acquired a new stake in shares of TC Energy in the second quarter valued at approximately $112,618,000. Cardinal Capital Management Inc. boosted its stake in shares of TC Energy by 101.4% during the 2nd quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock worth $192,024,000 after acquiring an additional 2,551,926 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of TC Energy by 841.1% during the 2nd quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock worth $77,349,000 after acquiring an additional 1,824,008 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TRP shares. The Goldman Sachs Group raised their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. StockNews.com began coverage on shares of TC Energy in a report on Tuesday, November 26th. They issued a “hold” rating on the stock. Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $55.67.

TC Energy Stock Performance

Shares of NYSE:TRP opened at $48.93 on Friday. TC Energy Co. has a 12-month low of $31.83 and a 12-month high of $50.37. The company’s 50 day moving average price is $47.49 and its two-hundred day moving average price is $43.58. The firm has a market cap of $50.79 billion, a PE ratio of 13.55, a PEG ratio of 4.03 and a beta of 0.81. 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 (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. Equities research analysts predict that TC Energy Co. will post 3 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a yield of 6.72%. The ex-dividend date is Tuesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s payout ratio is 78.95%.

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.