Truist Financial Corp Reduces Position in TC Energy Co. (NYSE:TRP)

Truist Financial Corp decreased its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 17.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 366,734 shares of the pipeline company’s stock after selling 78,393 shares during the period. Truist Financial Corp’s holdings in TC Energy were worth $14,336,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TRP. Bruce G. Allen Investments LLC purchased a new stake in shares of TC Energy in the fourth quarter valued at $26,000. Hexagon Capital Partners LLC grew its position in shares of TC Energy by 158.3% in the third quarter. Hexagon Capital Partners LLC now owns 1,085 shares of the pipeline company’s stock valued at $37,000 after purchasing an additional 665 shares during the period. Peoples Bank KS purchased a new stake in shares of TC Energy in the third quarter valued at $45,000. AdvisorNet Financial Inc grew its position in shares of TC Energy by 25.8% in the fourth quarter. AdvisorNet Financial Inc now owns 1,483 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 304 shares during the period. Finally, Whittier Trust Co. grew its position in shares of TC Energy by 1,500.0% in the fourth quarter. Whittier Trust Co. now owns 1,840 shares of the pipeline company’s stock valued at $72,000 after purchasing an additional 1,725 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 0.4 %

Shares of TC Energy stock opened at $35.84 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.96 and a debt-to-equity ratio of 1.65. The firm has a market cap of $35.84 billion, a P/E ratio of 17.66, a P/E/G ratio of 3.10 and a beta of 0.75. TC Energy Co. has a fifty-two week low of $32.51 and a fifty-two week high of $42.49. The business has a 50-day moving average price of $38.68 and a 200 day moving average price of $38.10.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 16th. The pipeline company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.79 by $0.20. The company had revenue of $3.11 billion during the quarter, compared to analyst estimates of $2.93 billion. TC Energy had a return on equity of 18.60% and a net margin of 18.25%. On average, sell-side analysts forecast that TC Energy Co. will post 2.9 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a dividend of $0.714 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from TC Energy’s previous quarterly dividend of $0.67. This represents a $2.86 annualized dividend and a dividend yield of 7.97%. TC Energy’s payout ratio is currently 139.41%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRP. Jefferies Financial Group began coverage on TC Energy in a research report on Tuesday, February 27th. They issued a “hold” rating for the company. The Goldman Sachs Group lifted their price objective on TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a research report on Friday, January 26th. TheStreet upgraded TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. Stifel Nicolaus assumed coverage on TC Energy in a report on Thursday, January 18th. They issued a “buy” rating on the stock. Finally, Barclays lifted their target price on TC Energy from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $48.83.

About TC Energy

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.