Exchange Traded Concepts LLC Decreases Position in TC Energy Corporation $TRP

Exchange Traded Concepts LLC trimmed its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 1,050,677 shares of the pipeline company’s stock after selling 65,858 shares during the quarter. TC Energy comprises approximately 0.6% of Exchange Traded Concepts LLC’s holdings, making the stock its 26th biggest position. Exchange Traded Concepts LLC’s holdings in TC Energy were worth $51,263,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in TC Energy by 1.6% during the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company’s stock worth $2,096,739,000 after purchasing an additional 710,837 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in TC Energy by 34.2% during the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company’s stock worth $935,627,000 after purchasing an additional 5,053,228 shares in the last quarter. TD Asset Management Inc boosted its position in TC Energy by 6.2% during the first quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company’s stock worth $824,243,000 after purchasing an additional 1,018,590 shares in the last quarter. Bank of Nova Scotia boosted its position in TC Energy by 80.3% during the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company’s stock worth $802,164,000 after purchasing an additional 7,562,887 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in TC Energy by 2,565.1% during the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock worth $769,815,000 after purchasing an additional 15,694,336 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Price Performance

TRP stock opened at $52.36 on Thursday. The stock has a 50-day moving average price of $49.99 and a two-hundred day moving average price of $49.01. TC Energy Corporation has a 12-month low of $40.76 and a 12-month high of $52.57. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a market cap of $54.45 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 4.99 and a beta of 0.77.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned $0.79 earnings per share. As a group, research analysts predict that TC Energy Corporation 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 Friday, October 31st. Stockholders of record on Monday, September 29th will be given a $0.6148 dividend. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. TC Energy’s dividend payout ratio (DPR) is currently 85.32%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TRP shares. US Capital Advisors cut TC Energy from a “moderate buy” rating to a “hold” rating in a report on Thursday, August 21st. Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, TC Energy has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy 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.