PCJ Investment Counsel Ltd. Trims Stock Position in TC Energy Co. (NYSE:TRP)

PCJ Investment Counsel Ltd. lessened its position in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 71.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,700 shares of the pipeline company's stock after selling 110,000 shares during the period. PCJ Investment Counsel Ltd.'s holdings in TC Energy were worth $2,077,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of TRP. SG Americas Securities LLC bought a new stake in TC Energy in the first quarter valued at $104,000. O Shaughnessy Asset Management LLC raised its position in TC Energy by 13.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 31,818 shares of the pipeline company's stock valued at $1,279,000 after acquiring an additional 3,758 shares in the last quarter. Bessemer Group Inc. boosted its stake in TC Energy by 178.0% during the first quarter. Bessemer Group Inc. now owns 36,117 shares of the pipeline company's stock worth $1,451,000 after buying an additional 23,125 shares during the last quarter. Natixis purchased a new stake in shares of TC Energy in the 1st quarter valued at $270,000. Finally, Capital Group Private Client Services Inc. grew its stake in TC Energy by 75.5% during the 1st quarter. Capital Group Private Client Services Inc. now owns 1,597,198 shares of the pipeline company's stock worth $64,196,000 after buying an additional 687,179 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRP. Veritas upgraded TC Energy to a "strong sell" rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. raised shares of TC Energy from a "neutral" rating to an "overweight" rating in a research report on Monday, October 14th. Morgan Stanley raised shares of TC Energy from an "underweight" rating to an "overweight" rating in a research note on Friday, October 25th. BMO Capital Markets boosted their target price on shares of TC Energy from $66.00 to $70.00 and gave the company a "market perform" rating in a research note on Wednesday. Finally, StockNews.com initiated coverage on shares of TC Energy in a report on Monday. They issued a "hold" rating for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $55.67.

TC Energy Price Performance

Shares of NYSE:TRP traded down $1.03 during midday trading on Wednesday, reaching $48.80. 1,815,702 shares of the company were exchanged, compared to its average volume of 3,068,098. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. The stock has a market cap of $50.65 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 4.12 and a beta of 0.81. The business's fifty day moving average is $47.01 and its two-hundred day moving average is $43.01. TC Energy Co. has a one year low of $31.83 and a one year high of $50.22.

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

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a yield of 6.74%. This is a boost from TC Energy's previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 31st. TC Energy's payout ratio is presently 67.31%.

About TC Energy

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.