Principal Financial Group Inc. Lowers Stock Holdings in TC Energy Co. (NYSE:TRP)

Principal Financial Group Inc. trimmed its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,300 shares of the pipeline company’s stock after selling 900 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $2,063,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRP. Addenda Capital Inc. raised its position in TC Energy by 4.4% in the 4th quarter. Addenda Capital Inc. now owns 1,034,497 shares of the pipeline company’s stock valued at $48,135,000 after purchasing an additional 43,639 shares in the last quarter. Captrust Financial Advisors raised its position in shares of TC Energy by 1.3% during the 3rd quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock worth $871,000 after acquiring an additional 242 shares in the last quarter. Ritholtz Wealth Management raised its position in shares of TC Energy by 44.8% during the 4th quarter. Ritholtz Wealth Management now owns 23,957 shares of the pipeline company’s stock worth $1,115,000 after acquiring an additional 7,412 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of TC Energy during the 3rd quarter worth about $3,771,000. Finally, Harvest Portfolios Group Inc. increased its position in TC Energy by 107.7% during the third quarter. Harvest Portfolios Group Inc. now owns 226,007 shares of the pipeline company’s stock worth $10,743,000 after buying an additional 117,176 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Price Performance

TRP stock opened at $46.37 on Thursday. The stock has a 50-day moving average price of $46.30 and a two-hundred day moving average price of $46.72. 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 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The company has a market cap of $48.19 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the previous year, the business earned $1.35 earnings per share. As a group, research analysts predict that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a $0.85 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 annualized dividend and a dividend yield of 7.33%. TC Energy’s dividend payout ratio is presently 72.53%.

Wall Street Analysts Forecast Growth

TRP has been the topic of several research analyst reports. Veritas raised TC Energy from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Royal Bank of Canada lifted their price target on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. BMO Capital Markets boosted their price target on TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Finally, TD Securities initiated coverage on TC Energy in a research note on Wednesday, January 15th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.00.

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.