PCJ Investment Counsel Ltd. Cuts Stock Position in TC Energy Co. (NYSE:TRP)

by · The Markets Daily

PCJ Investment Counsel Ltd. lessened its stake in shares of TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 71.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,700 shares of the pipeline company’s stock after selling 110,000 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in TC Energy were worth $2,077,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of TRP. Murchinson Ltd. purchased a new stake in shares of TC Energy during the first quarter worth approximately $506,485,000. Canada Pension Plan Investment Board raised its stake in shares of TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after purchasing an additional 10,065,000 shares during the last quarter. Merewether Investment Management LP purchased a new position in TC Energy in the second quarter worth $112,618,000. Cardinal Capital Management Inc. raised its position in TC Energy by 101.4% in the second quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock worth $192,024,000 after acquiring an additional 2,551,926 shares in the last quarter. Finally, Marshall Wace LLP raised its position in TC Energy by 841.1% in the second quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock worth $77,349,000 after acquiring an additional 1,824,008 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Analyst Ratings Changes

TRP has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. StockNews.com initiated coverage on TC Energy in a research report on Monday. They issued a “hold” rating for the company. Finally, Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $48.50.

Read Our Latest Stock Analysis on TC Energy

TC Energy Stock Down 0.2 %

Shares of NYSE:TRP opened at $49.83 on Wednesday. The stock’s 50-day moving average price is $47.01 and its two-hundred day moving average price is $43.01. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. TC Energy Co. has a 12-month low of $31.83 and a 12-month high of $50.22. The firm has a market cap of $51.71 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 4.12 and a beta of 0.81.

TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last issued its quarterly 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 firm 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 year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.60%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio (DPR) is 67.31%.

About TC Energy

(Free Report)

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.

See Also

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP).