Zions Bancorporation N.A. Reduces Stock Holdings in TC Energy Co. (NYSE:TRP)

Zions Bancorporation N.A. reduced its stake in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 147,927 shares of the pipeline company’s stock after selling 3,515 shares during the quarter. TC Energy accounts for approximately 0.5% of Zions Bancorporation N.A.’s holdings, making the stock its 29th largest holding. Zions Bancorporation N.A.’s holdings in TC Energy were worth $7,034,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Capital Research Global Investors raised its holdings in shares of TC Energy by 2.7% during the 1st quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after buying an additional 1,492,315 shares during the period. Vanguard Group Inc. raised its holdings in shares of TC Energy by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock valued at $1,650,505,000 after buying an additional 653,031 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of TC Energy by 107.1% during 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 buying an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of 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 valued at $688,534,000 after buying an additional 8,339,800 shares during the period. Finally, Murchinson Ltd. purchased a new stake in shares of TC Energy during the 1st quarter valued at about $506,485,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Veritas upgraded TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. StockNews.com assumed coverage on TC Energy in a research note on Saturday, October 5th. They set a “hold” rating for the company. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, TC Energy currently has an average rating of “Hold” and a consensus price target of $48.50.

TC Energy Price Performance

Shares of TRP opened at $48.45 on Thursday. The firm has a market cap of $50.28 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 4.06 and a beta of 0.81. The stock has a 50 day moving average of $46.78 and a 200-day moving average of $42.59. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78. TC Energy Co. has a 52 week low of $31.83 and a 52 week high of $50.22.

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

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a $0.822 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.29 annualized dividend and a dividend yield of 6.79%. TC Energy’s dividend payout ratio (DPR) is presently 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.