JPMorgan Chase & Co. reduced its stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 33.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,963,584 shares of the pipeline company's stock after selling 3,442,615 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of TC Energy worth $331,119,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in TC Energy during the third quarter worth $28,000. Blue Trust Inc. boosted its holdings in 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. Point72 DIFC Ltd acquired a new position in TC Energy in the 3rd quarter valued at about $39,000. Ashton Thomas Private Wealth LLC purchased a new stake in TC Energy during the second quarter worth about $51,000. Finally, Farther Finance Advisors LLC lifted its position in shares of TC Energy by 215.7% during the third quarter. Farther Finance Advisors LLC now owns 1,209 shares of the pipeline company's stock worth $57,000 after purchasing an additional 826 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.
TC Energy Stock Up 1.0 %
TRP traded up $0.45 on Monday, reaching $46.71. The company's stock had a trading volume of 1,544,060 shares, compared to its average volume of 2,992,954. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. TC Energy Co. has a fifty-two week low of $31.83 and a fifty-two week high of $50.37. The stock has a 50 day moving average of $47.67 and a two-hundred day moving average of $44.82. The company has a market capitalization of $48.48 billion, a price-to-earnings ratio of 12.94, a P/E/G ratio of 3.88 and a beta of 0.82.
TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. As a group, analysts forecast that TC Energy Co. will post 3 EPS for the current fiscal year.
TC Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a dividend yield of 7.04%. This is a boost from TC Energy's previous quarterly dividend of $0.70. TC Energy's payout ratio is 67.31%.
Wall Street Analyst Weigh In
TRP has been the subject of a number of research reports. UBS Group upgraded shares of TC Energy from a "neutral" rating to a "buy" rating in a report on Monday, September 30th. Morgan Stanley upgraded TC Energy from an "underweight" rating to an "overweight" rating in a report on Friday, October 25th. BMO Capital Markets increased their price target on TC Energy from $66.00 to $70.00 and gave the company a "market perform" rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. raised TC Energy from a "neutral" rating to an "overweight" rating in a research report on Monday, October 14th. Finally, The Goldman Sachs Group raised their target price on shares of TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $55.67.
Check Out Our Latest Report on TC Energy
About TC Energy
(
Free Report)
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.
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