LPL Financial LLC Sells 35,650 Shares of TC Energy Co. (NYSE:TRP)

LPL Financial LLC reduced its position in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 830,929 shares of the pipeline company’s stock after selling 35,650 shares during the period. LPL Financial LLC owned 0.08% of TC Energy worth $31,492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRP. Murchinson Ltd. bought a new stake in TC Energy in the 1st quarter valued at about $506,485,000. Capital Research Global Investors raised its stake in TC Energy by 23.7% in the 4th quarter. Capital Research Global Investors now owns 55,677,989 shares of the pipeline company’s stock valued at $2,174,931,000 after acquiring an additional 10,654,993 shares during the period. Norges Bank bought a new stake in TC Energy in the 4th quarter valued at about $341,262,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in TC Energy by 94.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock valued at $688,534,000 after acquiring an additional 8,339,800 shares during the period. Finally, Capital International Investors raised its stake in TC Energy by 11.8% in the 4th quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock valued at $2,155,419,000 after acquiring an additional 5,822,056 shares during the period. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Up 0.4 %

TRP stock opened at $46.75 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The firm has a market capitalization of $48.50 billion, a PE ratio of 24.10, a PEG ratio of 3.76 and a beta of 0.81. TC Energy Co. has a twelve month low of $32.51 and a twelve month high of $47.38. The stock has a 50-day simple moving average of $43.42 and a two-hundred day simple moving average of $40.20.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities analysts predict that TC Energy Co. will post 3.06 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a dividend yield of 6.01%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s payout ratio is 144.85%.

Wall Street Analysts Forecast Growth

Separately, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $43.50.

About TC Energy

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.