Raleigh Capital Management Inc. Sells 899 Shares of TC Energy Co. (NYSE:TRP)

Raleigh Capital Management Inc. lessened its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,861 shares of the pipeline company’s stock after selling 899 shares during the quarter. Raleigh Capital Management Inc.’s holdings in TC Energy were worth $1,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TRP. Murchinson Ltd. bought a new position in TC Energy in the 1st quarter worth about $506,485,000. Canada Pension Plan Investment Board grew its stake in TC Energy by 107.1% during the second 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in TC Energy by 94.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after acquiring an additional 8,339,800 shares during the period. Merewether Investment Management LP purchased a new stake in TC Energy in the 2nd quarter worth approximately $112,618,000. Finally, M&G Plc purchased a new position in shares of TC Energy during the 1st quarter valued at about $111,587,000. 83.13% of the stock is owned by institutional investors.

TC Energy Stock Performance

Shares of TRP opened at $47.36 on Tuesday. The company has a 50-day simple moving average of $45.95 and a two-hundred day simple moving average of $41.30. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The firm has a market capitalization of $47.36 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 3.98 and a beta of 0.81. TC Energy Co. has a one year low of $30.48 and a one year high of $48.25.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same quarter last year, the business posted $0.71 EPS. On average, analysts anticipate that TC Energy Co. will post 3.02 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.702 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.93%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio is presently 146.39%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group lifted their price target on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com initiated coverage on TC Energy in a report on Saturday, October 5th. They issued a “hold” rating on the stock. Finally, UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, TC Energy has an average rating of “Hold” and an average price target of $48.50.

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.