Truist Financial Corp Reduces Position in TC Energy Co. (NYSE:TRP)

Truist Financial Corp reduced its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 7.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 301,449 shares of the pipeline company’s stock after selling 24,704 shares during the period. Truist Financial Corp’s holdings in TC Energy were worth $11,425,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Capital Research Global Investors raised its stake in TC Energy by 2.7% during the first quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock worth $2,297,701,000 after purchasing an additional 1,492,315 shares during the period. Vanguard Group Inc. raised its position in shares of TC Energy by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock valued at $1,650,505,000 after buying an additional 653,031 shares during the period. Canada Pension Plan Investment Board lifted its holdings in TC Energy by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in TC Energy by 94.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after acquiring an additional 8,339,800 shares during the period. Finally, TD Asset Management Inc grew its position in TC Energy by 9.5% in the first quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock worth $674,366,000 after acquiring an additional 1,458,732 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Trading Up 1.7 %

NYSE TRP opened at $45.11 on Friday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. The firm has a market cap of $45.11 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 3.57 and a beta of 0.81. The firm has a 50 day simple moving average of $45.17 and a 200-day simple moving average of $40.80. TC Energy Co. has a one year low of $32.56 and a one year high of $48.42.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.29. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same quarter in the prior year, the company earned $0.71 earnings per share. Equities research analysts anticipate that TC Energy Co. will post 3.08 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a $0.702 dividend. This represents a $2.81 annualized dividend and a dividend yield of 6.22%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s payout ratio is presently 146.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. StockNews.com assumed coverage on TC Energy in a research report on Saturday. They issued a “hold” rating on the stock. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Finally, Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, TC Energy presently has a consensus rating of “Hold” and a consensus price target of $43.50.

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.