TC Energy Corporation $TRP Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 10.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 114,439 shares of the pipeline company’s stock after selling 13,295 shares during the period. Principal Financial Group Inc.’s holdings in TC Energy were worth $7,576,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of TRP. GQG Partners LLC boosted its position in shares of TC Energy by 586.5% during the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock valued at $890,711,000 after purchasing an additional 13,801,371 shares in the last quarter. Norges Bank bought a new stake in shares of TC Energy in the 4th quarter worth approximately $583,732,000. Deutsche Bank AG lifted its stake in TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock valued at $846,288,000 after purchasing an additional 5,956,263 shares during the last quarter. BROOKFIELD Corp ON acquired a new stake in TC Energy during the second quarter valued at approximately $78,443,000. Finally, TD Asset Management Inc lifted its stake in TC Energy by 6.3% during the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock valued at $1,150,656,000 after purchasing an additional 1,244,525 shares during the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. National Bank Financial upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. TD Securities reissued a “hold” rating on shares of TC Energy in a research note on Thursday, July 16th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Tuesday, July 21st. Finally, Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, TC Energy currently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Stock Performance

TC Energy stock opened at $64.00 on Friday. The firm’s 50 day simple moving average is $67.53 and its 200-day simple moving average is $65.06. The company has a market cap of $66.68 billion, a P/E ratio of 26.56 and a beta of 0.66. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. TC Energy Corporation has a fifty-two week low of $49.27 and a fifty-two week high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the prior year, the firm earned $0.82 EPS. As a group, equities research analysts predict that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy’s payout ratio is 103.73%.

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.