CIBC Asset Management Inc Cuts Stake in TC Energy Co. (NYSE:TRP)

CIBC Asset Management Inc decreased its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 22.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,571,364 shares of the pipeline company’s stock after selling 1,943,722 shares during the period. TC Energy accounts for 1.0% of CIBC Asset Management Inc’s portfolio, making the stock its 25th largest position. CIBC Asset Management Inc’s holdings in TC Energy were worth $313,084,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Signaturefd LLC increased its stake in TC Energy by 1.6% during the second quarter. Signaturefd LLC now owns 16,373 shares of the pipeline company’s stock worth $621,000 after acquiring an additional 261 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its position in shares of TC Energy by 1.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 19,873 shares of the pipeline company’s stock worth $799,000 after buying an additional 364 shares during the period. Mesirow Financial Investment Management Inc. boosted its holdings in TC Energy by 4.5% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 9,175 shares of the pipeline company’s stock worth $436,000 after acquiring an additional 393 shares during the period. Finally, Souders Financial Advisors lifted its position in shares of TC Energy by 0.5% during the third quarter. Souders Financial Advisors now owns 85,817 shares of the pipeline company’s stock worth $4,081,000 after purchasing an additional 396 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TRP shares. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. StockNews.com initiated coverage on shares of TC Energy in a research note on Saturday, October 5th. They set a “hold” rating on the stock. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. The Goldman Sachs Group boosted their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. Finally, Veritas raised shares of TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, TC Energy presently has an average rating of “Hold” and a consensus price target of $48.50.

TC Energy Price Performance

Shares of NYSE:TRP opened at $48.84 on Friday. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.22. The firm has a market capitalization of $50.69 billion, a P/E ratio of 13.53, a PEG ratio of 4.07 and a beta of 0.81. The firm’s 50 day moving average is $46.78 and its two-hundred day moving average is $42.59. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.83 billion. Analysts anticipate that TC Energy Co. will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.822 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.73%. TC Energy’s dividend payout ratio (DPR) is 78.95%.

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.