Principal Financial Group Inc. Sells 2,500 Shares of TC Energy Co. (NYSE:TRP)

Principal Financial Group Inc. reduced its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,200 shares of the pipeline company’s stock after selling 2,500 shares during the period. Principal Financial Group Inc.’s holdings in TC Energy were worth $2,020,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. grew its holdings in TC Energy by 2.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 15,005 shares of the pipeline company’s stock worth $604,000 after purchasing an additional 332 shares during the period. Phillips Wealth Planners LLC grew its holdings in shares of TC Energy by 41.7% during the first quarter. Phillips Wealth Planners LLC now owns 8,233 shares of the pipeline company’s stock valued at $331,000 after buying an additional 2,424 shares during the last quarter. K.J. Harrison & Partners Inc grew its holdings in shares of TC Energy by 52.9% during the first quarter. K.J. Harrison & Partners Inc now owns 240,612 shares of the pipeline company’s stock valued at $9,667,000 after buying an additional 83,252 shares during the last quarter. Triasima Portfolio Management inc. grew its holdings in shares of TC Energy by 29.0% during the first quarter. Triasima Portfolio Management inc. now owns 192,600 shares of the pipeline company’s stock valued at $7,741,000 after buying an additional 43,350 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of TC Energy during the first quarter valued at approximately $415,000. 83.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, TheStreet upgraded shares of TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.83.

TC Energy Trading Down 0.4 %

TRP stock traded down $0.16 during mid-day trading on Friday, hitting $38.01. 641,895 shares of the company were exchanged, compared to its average volume of 3,016,423. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.64. The firm has a market capitalization of $38.01 billion, a P/E ratio of 19.68, a PEG ratio of 3.17 and a beta of 0.79. The business has a fifty day simple moving average of $38.26 and a 200-day simple moving average of $38.74. TC Energy Co. has a 12-month low of $32.51 and a 12-month high of $41.03.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.09. The firm had revenue of $3.15 billion for the quarter, compared to analysts’ expectations of $3.12 billion. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. On average, equities research analysts predict that TC Energy Co. will post 3.01 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 dividend on an annualized basis and a yield of 7.47%. TC Energy’s dividend payout ratio (DPR) is 144.85%.

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.