PCJ Investment Counsel Ltd. Reduces Stock Holdings in TC Energy Co. (NYSE:TRP)

PCJ Investment Counsel Ltd. lessened its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 71.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,700 shares of the pipeline company’s stock after selling 110,000 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in TC Energy were worth $2,077,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TRP. EdgeRock Capital LLC acquired a new position in shares of TC Energy in the 2nd quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 429 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of TC Energy in the 3rd quarter worth approximately $28,000. Blue Trust Inc. grew its position in shares of TC Energy by 72.0% in the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 267 shares in the last quarter. Finally, Mather Group LLC. acquired a new position in shares of TC Energy in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Down 0.2 %

Shares of TC Energy stock opened at $49.83 on Wednesday. The business’s fifty day moving average price is $47.01 and its two-hundred day moving average price is $43.01. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. The company has a market capitalization of $51.71 billion, a P/E ratio of 13.80, a PEG ratio of 4.12 and a beta of 0.81. TC Energy Co. has a 1-year low of $31.83 and a 1-year high of $50.22.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. As a group, research analysts forecast that TC Energy Co. will post 2.98 EPS for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.60%. The ex-dividend date is Tuesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s payout ratio is currently 67.31%.

Analyst Ratings Changes

Several brokerages have recently commented on TRP. The Goldman Sachs Group lifted their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Monday, October 21st. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. StockNews.com assumed coverage on TC Energy in a research report on Monday. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.50.

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.