HighTower Advisors LLC Cuts Stake in TC Energy Co. (NYSE:TRP)

HighTower Advisors LLC cut its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 1.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 410,703 shares of the pipeline company’s stock after selling 5,582 shares during the period. HighTower Advisors LLC’s holdings in TC Energy were worth $19,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new stake in shares of TC Energy during the third quarter valued at $28,000. Blue Trust Inc. grew its stake 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 acquiring an additional 267 shares during the period. EdgeRock Capital LLC purchased a new position in shares of TC Energy during the second quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. lifted its position in TC Energy by 138.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 429 shares during the period. Finally, Mather Group LLC. purchased a new stake in TC Energy in the second quarter worth approximately $33,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 1.4 %

Shares of TRP opened at $48.25 on Friday. TC Energy Co. has a 12-month low of $31.83 and a 12-month high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. The company has a market capitalization of $50.08 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 4.05 and a beta of 0.82. The business’s 50 day moving average is $47.59 and its 200 day moving average is $43.83.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion. Research analysts expect that TC Energy Co. will post 3 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This represents a $3.29 annualized dividend and a dividend yield of 6.81%. 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 dividend payout ratio is 67.31%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRP. JPMorgan Chase & Co. upgraded shares of TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. BMO Capital Markets boosted their price target on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. The Goldman Sachs Group increased their price objective on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. Finally, Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $55.67.

TC Energy Company 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.