Cerity Partners LLC Raises Stock Holdings in TC Energy Corporation (NYSE:TRP)

Cerity Partners LLC increased its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 113.2% in the first quarter, HoldingsChannel reports. The firm owned 33,945 shares of the pipeline company’s stock after buying an additional 18,022 shares during the period. Cerity Partners LLC’s holdings in TC Energy were worth $1,603,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TRP. Lowe Wealth Advisors LLC purchased a new stake in TC Energy during the 1st quarter worth approximately $30,000. Millstone Evans Group LLC purchased a new stake in TC Energy during the 4th quarter worth approximately $41,000. Golden State Wealth Management LLC grew its position in TC Energy by 222.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company’s stock worth $51,000 after purchasing an additional 742 shares during the last quarter. HM Payson & Co. purchased a new stake in TC Energy during the 1st quarter worth approximately $60,000. Finally, Tower Research Capital LLC TRC grew its position in TC Energy by 67.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,658 shares of the pipeline company’s stock worth $77,000 after purchasing an additional 666 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TRP. Citigroup started coverage on shares of TC Energy in a research report on Friday, April 4th. They set a “neutral” rating on the stock. CIBC upgraded shares of TC Energy from a “neutral” rating to a “sector outperform” rating in a research note on Friday, May 2nd. Finally, Cibc World Mkts upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Stock Performance

TRP opened at $47.40 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The firm has a fifty day moving average price of $48.93 and a 200 day moving average price of $47.85. TC Energy Corporation has a 1 year low of $40.95 and a 1 year high of $51.99. The stock has a market cap of $49.29 billion, a P/E ratio of 16.70, a P/E/G ratio of 4.60 and a beta of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.04). The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter in the prior year, the firm earned $1.02 earnings per share. Equities research analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. This represents a $2.46 annualized dividend and a yield of 5.18%. The ex-dividend date is Monday, June 30th. TC Energy’s payout ratio is presently 82.51%.

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.