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

Kingswood Wealth Advisors LLC cut its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 13.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,101 shares of the pipeline company’s stock after selling 805 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in TC Energy were worth $205,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY lifted its position in shares of TC Energy by 0.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 525,203 shares of the pipeline company’s stock worth $21,113,000 after purchasing an additional 1,769 shares during the period. Royal Fund Management LLC boosted its position in TC Energy by 6.0% during the 1st quarter. Royal Fund Management LLC now owns 19,692 shares of the pipeline company’s stock valued at $792,000 after acquiring an additional 1,109 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of TC Energy in the 1st quarter valued at $213,000. Nexus Investment Management ULC raised its position in shares of TC Energy by 0.4% in the 1st quarter. Nexus Investment Management ULC now owns 616,485 shares of the pipeline company’s stock worth $24,795,000 after acquiring an additional 2,750 shares in the last quarter. Finally, Grassi Investment Management purchased a new stake in shares of TC Energy during the 1st quarter worth $201,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, TheStreet upgraded TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $48.83.

TC Energy Price Performance

Shares of NYSE TRP opened at $37.90 on Friday. TC Energy Co. has a fifty-two week low of $32.51 and a fifty-two week high of $41.03. The company has a market cap of $37.90 billion, a PE ratio of 19.54, a P/E/G ratio of 3.20 and a beta of 0.79. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.85 and a current ratio of 0.94. The business has a 50-day simple moving average of $38.10 and a two-hundred day simple moving average of $38.77.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, May 3rd. The pipeline company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The company had revenue of $3.15 billion during the quarter, compared to analysts’ expectations of $3.12 billion. As a group, equities analysts expect that TC Energy Co. will post 3.01 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.49%. The ex-dividend date is Friday, June 28th. TC Energy’s dividend payout ratio (DPR) is presently 145.88%.

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.