Redwood Wealth Management Group LLC lifted its position in TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 39.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,016 shares of the pipeline company’s stock after purchasing an additional 4,215 shares during the quarter. Redwood Wealth Management Group LLC’s holdings in TC Energy were worth $584,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its holdings in shares of TC Energy by 30.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 48,543 shares of the pipeline company’s stock worth $1,889,000 after purchasing an additional 11,222 shares during the period. Verdence Capital Advisors LLC increased its holdings in shares of TC Energy by 6.0% in the third quarter. Verdence Capital Advisors LLC now owns 11,892 shares of the pipeline company’s stock worth $479,000 after purchasing an additional 668 shares during the period. Cardinal Capital Management Inc. increased its holdings in shares of TC Energy by 15.5% in the first quarter. Cardinal Capital Management Inc. now owns 2,376,755 shares of the pipeline company’s stock worth $92,361,000 after purchasing an additional 319,007 shares during the period. Bank of Nova Scotia Trust Co. increased its holdings in shares of TC Energy by 0.3% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 772,892 shares of the pipeline company’s stock worth $30,807,000 after purchasing an additional 2,566 shares during the period. Finally, Keudell Morrison Wealth Management increased its holdings in shares of TC Energy by 8.7% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,128 shares of the pipeline company’s stock worth $324,000 after purchasing an additional 652 shares during the period. Institutional investors own 71.21% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently commented on TRP. StockNews.com began coverage on TC Energy in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. TheStreet upgraded shares of TC Energy from a “c” rating to a “b-” rating in a research report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, TC Energy currently has an average rating of “Hold” and an average target price of $63.06.
TC Energy Trading Up 0.7 %
Shares of TC Energy stock traded up $0.29 during trading on Friday, reaching $40.17. 193,205 shares of the stock were exchanged, compared to its average volume of 1,932,303. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 1.76. The stock’s fifty day moving average is $40.68 and its 200 day moving average is $40.77. The firm has a market cap of $41.35 billion, a price-to-earnings ratio of 31.90, a price-to-earnings-growth ratio of 3.28 and a beta of 0.85. TC Energy Co. has a 1 year low of $36.79 and a 1 year high of $55.50.
TC Energy (NYSE:TRP – Free Report) (TSE:TRP) last posted its earnings results on Friday, April 28th. The pipeline company reported $0.89 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.89. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.73 billion. TC Energy had a net margin of 11.35% and a return on equity of 13.97%. As a group, equities research analysts expect that TC Energy Co. will post 3.07 earnings per share for the current fiscal year.
TC Energy Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, June 30th will be issued a dividend of $0.688 per share. The ex-dividend date is Thursday, June 29th. This represents a $2.75 dividend on an annualized basis and a dividend yield of 6.85%. TC Energy’s dividend payout ratio is currently 220.00%.
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 93,700 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.
Further Reading
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