CIBC Asset Management Inc Decreases Stock Position in TC Energy Co. (NYSE:TRP)

CIBC Asset Management Inc lowered its stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 22.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,571,364 shares of the pipeline company's stock after selling 1,943,722 shares during the quarter. TC Energy accounts for 1.0% of CIBC Asset Management Inc's portfolio, making the stock its 25th largest position. CIBC Asset Management Inc owned about 0.63% of TC Energy worth $313,084,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. EdgeRock Capital LLC purchased a new stake in shares of TC Energy during the 2nd quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. increased its position in TC Energy by 138.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company's stock worth $28,000 after buying an additional 429 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of TC Energy during the 3rd quarter valued at about $28,000. Blue Trust Inc. grew its stake in shares of TC Energy by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company's stock valued at $30,000 after acquiring an additional 267 shares during the period. Finally, Mather Group LLC. purchased a new stake in TC Energy in the 2nd quarter worth approximately $33,000. Institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

Shares of TRP stock remained flat at $48.85 during trading hours on Friday. The stock had a trading volume of 803,141 shares, compared to its average volume of 3,079,999. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $50.70 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 4.07 and a beta of 0.81. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.22. The business has a 50 day simple moving average of $46.82 and a 200-day simple moving average of $42.64.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. As a group, equities research analysts predict that TC Energy Co. will post 2.98 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.822 dividend. This represents a $3.29 annualized dividend and a yield of 6.73%. The ex-dividend date is Tuesday, December 31st. This is a boost from TC Energy's previous quarterly dividend of $0.70. TC Energy's payout ratio is currently 78.95%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of TC Energy from a "neutral" rating to an "overweight" rating in a research report on Monday, October 14th. Veritas raised shares of TC Energy to a "strong sell" rating in a report on Tuesday, October 8th. The Goldman Sachs Group raised their price target on TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a report on Monday, October 21st. UBS Group raised TC Energy from a "neutral" rating to a "buy" rating in a research note on Monday, September 30th. Finally, Morgan Stanley raised TC Energy from an "underweight" rating to an "overweight" rating in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $48.50.

TC Energy Company 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.