Scotia Capital Inc. Sells 631,483 Shares of TC Energy Co. (NYSE:TRP)

Scotia Capital Inc. cut its position in shares of TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP by 6.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,667,538 shares of the pipeline company's stock after selling 631,483 shares during the quarter. TC Energy accounts for about 2.1% of Scotia Capital Inc.'s portfolio, making the stock its 10th biggest holding. Scotia Capital Inc. owned about 0.83% of TC Energy worth $403,022,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TRP. Addenda Capital Inc. increased its stake in TC Energy by 4.4% during the 4th quarter. Addenda Capital Inc. now owns 1,034,497 shares of the pipeline company's stock worth $48,135,000 after acquiring an additional 43,639 shares during the period. Ritholtz Wealth Management grew its holdings in shares of TC Energy by 44.8% in the fourth quarter. Ritholtz Wealth Management now owns 23,957 shares of the pipeline company's stock valued at $1,115,000 after acquiring an additional 7,412 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in TC Energy by 7.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock valued at $10,463,000 after purchasing an additional 16,334 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of TC Energy in the third quarter worth $3,771,000. Finally, Cinctive Capital Management LP boosted its stake in TC Energy by 12.3% during the fourth quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company's stock valued at $9,042,000 after buying an additional 21,243 shares during the period. 83.13% of the stock is currently owned by institutional investors.

TC Energy Trading Up 3.7 %

NYSE TRP opened at $46.12 on Thursday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. The stock has a market capitalization of $47.93 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 4.34 and a beta of 0.74. TC Energy Co. has a 52 week low of $34.95 and a 52 week high of $50.37. The stock's 50 day moving average price is $46.58 and its two-hundred day moving average price is $46.96.

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TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.54. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter last year, the company earned $1.35 earnings per share. As a group, analysts anticipate that TC Energy Co. will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced 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. The ex-dividend date is Monday, March 31st. This is an increase from TC Energy's previous quarterly dividend of $0.82. This represents a $3.40 annualized dividend and a yield of 7.37%. TC Energy's payout ratio is 72.53%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup initiated coverage on TC Energy in a research note on Friday, April 4th. They issued a "neutral" rating on the stock. Royal Bank of Canada increased their price objective on shares of TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 18th. Veritas upgraded shares of TC Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, February 3rd. Finally, TD Securities initiated coverage on shares of TC Energy in a research report on Wednesday, January 15th. They issued a "buy" rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $62.00.

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.

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