Van ECK Associates Corp Sells 22,243 Shares of TC Energy Co. (NYSE:TRP)

Van ECK Associates Corp cut its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 7.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 268,357 shares of the pipeline company’s stock after selling 22,243 shares during the period. Van ECK Associates Corp’s holdings in TC Energy were worth $10,790,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of TRP. Tower Research Capital LLC TRC increased its position in TC Energy by 65.5% in the third quarter. Tower Research Capital LLC TRC now owns 22,869 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 9,048 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of TC Energy by 80.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 73,700 shares of the pipeline company’s stock worth $2,536,000 after buying an additional 32,900 shares during the last quarter. Legal & General Group Plc raised its stake in shares of TC Energy by 3.5% during the third quarter. Legal & General Group Plc now owns 9,725,714 shares of the pipeline company’s stock worth $335,992,000 after buying an additional 328,795 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in TC Energy by 4.6% in the third quarter. JPMorgan Chase & Co. now owns 8,070,536 shares of the pipeline company’s stock valued at $277,707,000 after buying an additional 352,829 shares during the period. Finally, Scotia Capital Inc. boosted its stake in TC Energy by 8.5% in the third quarter. Scotia Capital Inc. now owns 7,981,871 shares of the pipeline company’s stock valued at $274,205,000 after acquiring an additional 623,982 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Price Performance

TRP stock traded down $0.23 during mid-day trading on Friday, hitting $37.94. The stock had a trading volume of 1,402,699 shares, compared to its average volume of 3,022,367. The firm has a fifty day simple moving average of $38.26 and a 200 day simple moving average of $38.74. The firm has a market capitalization of $37.94 billion, a P/E ratio of 19.68, a P/E/G ratio of 3.17 and a beta of 0.79. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.64. TC Energy Co. has a 52 week low of $32.51 and a 52 week high of $41.03.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data 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 net margin of 17.23% and a return on equity of 17.94%. The business had revenue of $3.15 billion for the quarter, compared to analysts’ expectations of $3.12 billion. As a group, research analysts forecast that TC Energy Co. will post 3.01 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 28th. This represents a $2.84 annualized dividend and a dividend yield of 7.49%. TC Energy’s dividend payout ratio is currently 144.85%.

Analysts Set New Price Targets

Separately, TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One 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’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.83.

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.