Birch Capital Management LLC Trims Stock Position in TC Energy Co. (NYSE:TRP)

Birch Capital Management LLC cut its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 25.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,587 shares of the pipeline company’s stock after selling 3,335 shares during the period. Birch Capital Management LLC’s holdings in TC Energy were worth $385,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRP. Capital Research Global Investors raised its holdings in TC Energy by 23.7% during the fourth quarter. Capital Research Global Investors now owns 55,677,989 shares of the pipeline company’s stock worth $2,174,931,000 after purchasing an additional 10,654,993 shares during the last quarter. Norges Bank acquired a new position in TC Energy during the fourth quarter worth $341,262,000. Mufg Securities Canada LTD. acquired a new position in TC Energy during the fourth quarter worth $235,580,000. Capital International Investors raised its holdings in TC Energy by 11.8% during the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after purchasing an additional 5,822,056 shares during the last quarter. Finally, FIL Ltd raised its holdings in TC Energy by 37.2% during the fourth quarter. FIL Ltd now owns 16,706,812 shares of the pipeline company’s stock worth $652,613,000 after purchasing an additional 4,528,555 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRP. TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. Jefferies Financial Group assumed coverage on TC Energy in a report on Tuesday, February 27th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.83.

TC Energy Trading Up 0.9 %

Shares of NYSE:TRP traded up $0.33 during midday trading on Friday, reaching $38.49. The company’s stock had a trading volume of 2,279,996 shares, compared to its average volume of 2,717,524. The firm has a market cap of $38.49 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 3.18 and a beta of 0.79. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.64. TC Energy Co. has a 1 year low of $32.51 and a 1 year high of $41.03. The business has a 50 day moving average price of $37.78 and a 200 day moving average price of $38.75.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a return on equity of 17.94% and a net margin of 17.23%. The firm had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $3.12 billion. Research analysts forecast that TC Energy Co. will post 3 EPS for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 7.38%. The ex-dividend date is Friday, June 28th. TC Energy’s dividend payout ratio (DPR) is presently 145.88%.

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.