JPMorgan Chase & Co. Decreases Stock Position in TC Energy Corporation $TRP

JPMorgan Chase & Co. cut its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 19.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,057,031 shares of the pipeline company’s stock after selling 2,180,053 shares during the quarter. JPMorgan Chase & Co.’s holdings in TC Energy were worth $498,227,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Clearbridge Investments LLC raised its stake in TC Energy by 5.1% in the fourth quarter. Clearbridge Investments LLC now owns 8,782,559 shares of the pipeline company’s stock valued at $483,129,000 after buying an additional 425,570 shares during the last quarter. Syon Capital LLC raised its stake in TC Energy by 27.3% in the fourth quarter. Syon Capital LLC now owns 9,609 shares of the pipeline company’s stock valued at $529,000 after buying an additional 2,062 shares during the last quarter. Capital International Inc. CA raised its stake in TC Energy by 0.3% in the fourth quarter. Capital International Inc. CA now owns 503,659 shares of the pipeline company’s stock valued at $27,718,000 after buying an additional 1,478 shares during the last quarter. Tacita Capital Inc raised its stake in TC Energy by 0.6% in the fourth quarter. Tacita Capital Inc now owns 65,226 shares of the pipeline company’s stock valued at $3,594,000 after buying an additional 383 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. raised its stake in TC Energy by 42.7% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 12,398 shares of the pipeline company’s stock valued at $682,000 after buying an additional 3,711 shares during the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRP has been the subject of several research analyst reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Raymond James Financial upgraded TC Energy to a “hold” rating in a research note on Tuesday, February 17th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Weiss Ratings cut TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Finally, The Goldman Sachs Group upgraded TC Energy from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

TC Energy Trading Up 1.0%

Shares of NYSE:TRP opened at $68.84 on Thursday. TC Energy Corporation has a 52-week low of $46.29 and a 52-week high of $71.47. The stock has a market cap of $68.84 billion, a price-to-earnings ratio of 29.88 and a beta of 0.66. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The business has a 50-day moving average price of $65.41 and a 200-day moving average price of $60.86.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.During the same period last year, the company earned $0.95 earnings per share. Equities analysts predict that TC Energy Corporation will post 2.75 EPS for the current year.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s dividend payout ratio (DPR) is 109.57%.

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.