Healthcare of Ontario Pension Plan Trust Fund Sells 3,924,231 Shares of TC Energy Corporation $TRP

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 41.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,654,803 shares of the pipeline company’s stock after selling 3,924,231 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.54% of TC Energy worth $353,974,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in shares of TC Energy by 54.0% during the first quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after purchasing an additional 3,892 shares during the period. Focus Partners Wealth grew its stake in shares of TC Energy by 46.1% in the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock worth $588,000 after purchasing an additional 3,929 shares during the last quarter. Intech Investment Management LLC increased its holdings in TC Energy by 200.7% in the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 17,939 shares during the period. EverSource Wealth Advisors LLC increased its holdings in TC Energy by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock valued at $181,000 after purchasing an additional 1,243 shares during the period. Finally, Guggenheim Capital LLC raised its position in TC Energy by 9.9% during the 2nd quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock worth $818,000 after purchasing an additional 1,511 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on TRP shares. The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $53.00 to $62.00 in a report on Monday, April 20th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research report on Tuesday. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Price Performance

Shares of NYSE TRP opened at $70.58 on Friday. TC Energy Corporation has a twelve month low of $46.61 and a twelve month high of $71.47. The firm has a fifty day simple moving average of $68.61 and a 200 day simple moving average of $63.93. The company has a market capitalization of $73.54 billion, a PE ratio of 30.63 and a beta of 0.66. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, sell-side analysts forecast that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s payout ratio is currently 107.39%.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.