Addenda Capital Inc. Sells 16,156 Shares of TC Energy Co. (NYSE:TRP)

Addenda Capital Inc. lessened its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 1.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,072,990 shares of the pipeline company’s stock after selling 16,156 shares during the period. TC Energy makes up about 2.0% of Addenda Capital Inc.’s holdings, making the stock its 12th largest holding. Addenda Capital Inc.’s holdings in TC Energy were worth $43,134,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TRP. EdgeRock Capital LLC acquired a new position in TC Energy during the fourth quarter valued at approximately $25,000. Bruce G. Allen Investments LLC bought a new stake in shares of TC Energy during the 4th quarter worth $26,000. Creekmur Asset Management LLC acquired a new position in TC Energy in the 4th quarter valued at $27,000. Glassman Wealth Services raised its holdings in TC Energy by 61.0% in the 4th quarter. Glassman Wealth Services now owns 726 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 275 shares during the period. Finally, OLD Point Trust & Financial Services N A acquired a new position in TC Energy during the 4th quarter worth $31,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Performance

Shares of TRP traded up $0.05 during trading hours on Friday, reaching $37.90. 2,825,041 shares of the company traded hands, compared to its average volume of 3,001,844. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.85 and a current ratio of 0.94. The stock’s fifty day moving average is $38.10 and its 200 day moving average is $38.76. TC Energy Co. has a 1-year low of $32.51 and a 1-year high of $41.03. The stock has a market cap of $37.90 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 3.20 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.12 billion. Equities research analysts anticipate that TC Energy Co. will post 3.01 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 annualized dividend and a yield of 7.49%. TC Energy’s dividend payout ratio (DPR) is currently 145.88%.

Analysts Set New Price Targets

Separately, TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.83.

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.