Principal Financial Group Inc. Sells 64,000 Shares of TC Energy Corporation $TRP

Principal Financial Group Inc. decreased its stake in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 33.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 127,734 shares of the pipeline company’s stock after selling 64,000 shares during the period. Principal Financial Group Inc.’s holdings in TC Energy were worth $7,973,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Candriam S.C.A. lifted its stake in TC Energy by 10.1% during the 1st quarter. Candriam S.C.A. now owns 23,142 shares of the pipeline company’s stock valued at $1,445,000 after acquiring an additional 2,126 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of TC Energy by 5.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 19,837 shares of the pipeline company’s stock worth $1,242,000 after acquiring an additional 937 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of TC Energy by 28.7% in the first quarter. Hsbc Holdings PLC now owns 174,018 shares of the pipeline company’s stock valued at $10,910,000 after purchasing an additional 38,828 shares during the last quarter. First Interstate Bank raised its holdings in shares of TC Energy by 3.4% in the first quarter. First Interstate Bank now owns 15,199 shares of the pipeline company’s stock valued at $951,000 after purchasing an additional 499 shares during the last quarter. Finally, Sageworth Trust Co bought a new position in shares of TC Energy during the first quarter valued at about $668,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

Shares of NYSE:TRP opened at $70.58 on Monday. The company has a market capitalization of $73.54 billion, a P/E ratio of 30.63 and a beta of 0.66. The company’s 50-day moving average is $68.61 and its 200 day moving average is $63.99. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. TC Energy Corporation has a fifty-two week low of $46.61 and a fifty-two week high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the company posted $0.95 earnings per share. On average, equities research analysts forecast that TC Energy Corporation will post 2.72 earnings per share for the current year.

TC Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s dividend payout ratio is currently 107.39%.

Wall Street Analysts Forecast Growth

TRP has been the topic of several analyst reports. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Tuesday, July 21st. National Bank Financial upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. TD Securities reissued a “hold” rating on shares of TC Energy in a research report on Thursday, July 16th. BMO Capital Markets restated an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Finally, Royal Bank Of Canada increased their price target on TC Energy from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

TC Energy Profile

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.