First Trust Advisors LP Sells 84,067 Shares of TC Energy Corporation $TRP

First Trust Advisors LP lowered its stake in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 871,851 shares of the pipeline company’s stock after selling 84,067 shares during the period. First Trust Advisors LP’s holdings in TC Energy were worth $47,431,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TRP. Norges Bank bought a new stake in shares of TC Energy during the second quarter worth $493,434,000. American Century Companies Inc. raised its holdings in shares of TC Energy by 514.5% during the third quarter. American Century Companies Inc. now owns 6,491,799 shares of the pipeline company’s stock worth $352,976,000 after acquiring an additional 5,435,310 shares during the period. Public Sector Pension Investment Board lifted its position in TC Energy by 2,573.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock valued at $130,600,000 after acquiring an additional 2,580,300 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in TC Energy in the 2nd quarter worth $100,398,000. Finally, Nicola Wealth Management LTD. boosted its stake in TC Energy by 793.7% in the 3rd quarter. Nicola Wealth Management LTD. now owns 2,302,996 shares of the pipeline company’s stock worth $125,229,000 after purchasing an additional 2,045,300 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TRP shares. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. National Bank Financial cut TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Friday, February 20th. TD Securities lowered TC Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Morgan Stanley restated an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $72.50.

TC Energy Stock Down 0.8%

Shares of TRP stock opened at $63.14 on Thursday. The firm’s fifty day moving average price is $59.22 and its two-hundred day moving average price is $55.23. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. TC Energy Corporation has a 1 year low of $43.59 and a 1 year high of $65.57. The firm has a market capitalization of $65.74 billion, a P/E ratio of 27.17 and a beta of 0.72.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same period in the prior year, the business posted $1.05 EPS. On average, equities analysts predict that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.8775 per share. The ex-dividend date is Tuesday, March 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 annualized dividend and a yield of 5.6%. TC Energy’s dividend payout ratio is currently 110.78%.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.