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

Principal Financial Group Inc. cut its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,200 shares of the pipeline company’s stock after selling 2,300 shares during the quarter. Principal Financial Group Inc.’s holdings in TC Energy were worth $2,151,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of TC Energy during the 1st quarter worth $104,000. O Shaughnessy Asset Management LLC boosted its position in shares of TC Energy by 13.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 31,818 shares of the pipeline company’s stock worth $1,279,000 after acquiring an additional 3,758 shares during the last quarter. Bessemer Group Inc. grew its holdings in TC Energy by 178.0% in the first quarter. Bessemer Group Inc. now owns 36,117 shares of the pipeline company’s stock valued at $1,451,000 after purchasing an additional 23,125 shares during the period. Natixis acquired a new position in TC Energy during the first quarter worth approximately $270,000. Finally, Energy Income Partners LLC raised its stake in TC Energy by 13.1% during the first quarter. Energy Income Partners LLC now owns 1,393,532 shares of the pipeline company’s stock worth $56,020,000 after purchasing an additional 161,883 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on TRP. BMO Capital Markets upped their price objective on TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Veritas raised shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. The Goldman Sachs Group raised their target price on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Monday, October 21st. Finally, Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, TC Energy has a consensus rating of “Hold” and an average target price of $55.67.

TC Energy Stock Performance

TC Energy stock opened at $49.86 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 debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. The company has a market capitalization of $51.75 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.81. The firm’s fifty day moving average price is $47.22 and its 200 day moving average price is $43.18.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. On average, research analysts forecast that TC Energy Co. will post 2.98 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.59%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s dividend payout ratio (DPR) is presently 78.95%.

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.