Icon Wealth Advisors LLC Sells 11,737 Shares of TC Energy Co. (NYSE:TRP)

Icon Wealth Advisors LLC lessened its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 94.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 753 shares of the pipeline company’s stock after selling 11,737 shares during the period. Icon Wealth Advisors LLC’s holdings in TC Energy were worth $36,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRP. Canada Pension Plan Investment Board grew its position in TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Legal & General Group Plc increased its stake in TC Energy by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock worth $450,749,000 after buying an additional 467,497 shares during the period. CIBC Asset Management Inc lifted its holdings in TC Energy by 2.6% during the 2nd quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock valued at $322,584,000 after buying an additional 214,689 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in TC Energy by 156.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock valued at $321,778,000 after buying an additional 4,126,801 shares during the period. Finally, Cardinal Capital Management Inc. grew its stake in TC Energy by 101.4% in the 2nd quarter. Cardinal Capital Management Inc. now owns 5,068,758 shares of the pipeline company’s stock worth $192,024,000 after acquiring an additional 2,551,926 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on TRP shares. StockNews.com initiated coverage on TC Energy in a report on Tuesday. They issued a “hold” rating for the company. BMO Capital Markets upped their target price on TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. The Goldman Sachs Group upped their price objective on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. Finally, Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $55.67.

TC Energy Price Performance

TRP opened at $49.07 on Tuesday. The firm has a market capitalization of $50.93 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.81. The business’s 50-day moving average is $47.27 and its two-hundred day moving average is $43.34. TC Energy Co. has a 1 year low of $31.83 and a 1 year high of $50.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. Research analysts anticipate that TC Energy Co. will post 2.98 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This represents a $3.29 annualized dividend and a dividend yield of 6.70%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. TC Energy’s dividend payout ratio is currently 78.95%.

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.