PNC Financial Services Group Inc. Reduces Position in TC Energy Co. (NYSE:TRP)

PNC Financial Services Group Inc. cut its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 107,219 shares of the pipeline company’s stock after selling 2,435 shares during the period. PNC Financial Services Group Inc.’s holdings in TC Energy were worth $4,989,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRP. NTV Asset Management LLC raised its holdings in shares of TC Energy by 4.0% in the 4th quarter. NTV Asset Management LLC now owns 6,189 shares of the pipeline company’s stock valued at $288,000 after purchasing an additional 239 shares in the last quarter. Captrust Financial Advisors increased its stake in TC Energy by 1.3% during the 3rd quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock valued at $871,000 after purchasing an additional 242 shares in the last quarter. Lee Financial Co increased its stake in TC Energy by 3.1% during the 4th quarter. Lee Financial Co now owns 8,185 shares of the pipeline company’s stock valued at $381,000 after purchasing an additional 246 shares in the last quarter. IFP Advisors Inc increased its stake in TC Energy by 7.0% during the 4th quarter. IFP Advisors Inc now owns 3,809 shares of the pipeline company’s stock valued at $177,000 after purchasing an additional 249 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its holdings in shares of TC Energy by 4.8% in the 3rd quarter. Prospera Financial Services Inc now owns 5,754 shares of the pipeline company’s stock valued at $274,000 after acquiring an additional 262 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on TRP shares. TD Securities initiated coverage on shares of TC Energy in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. BMO Capital Markets increased their price target on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. Royal Bank of Canada increased their price target on shares of TC Energy from $71.00 to $74.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Finally, US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, TC Energy currently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

TC Energy Price Performance

Shares of NYSE TRP opened at $46.60 on Thursday. The firm has a 50-day simple moving average of $46.27 and a 200-day simple moving average of $46.77. The stock has a market capitalization of $48.43 billion, a price-to-earnings ratio of 14.38, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. TC Energy Co. has a 52 week low of $34.95 and a 52 week high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.54. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.42 billion. During the same period last year, the business earned $1.35 earnings per share. On average, equities analysts predict that TC Energy Co. will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a dividend of $0.85 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 annualized dividend and a yield of 7.30%. The ex-dividend date is Monday, March 31st. TC Energy’s dividend payout ratio (DPR) is presently 72.53%.

TC Energy Profile

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.