Jennison Associates LLC trimmed its holdings in TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 21.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 183,330 shares of the pipeline company’s stock after selling 50,890 shares during the period. Jennison Associates LLC’s holdings in TC Energy were worth $7,130,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC grew its stake in TC Energy by 104.6% during the 4th quarter. Parallel Advisors LLC now owns 626 shares of the pipeline company’s stock valued at $25,000 after acquiring an additional 320 shares in the last quarter. CoreCap Advisors LLC acquired a new position in TC Energy during the fourth quarter worth $30,000. GPS Wealth Strategies Group LLC purchased a new stake in TC Energy in the 1st quarter valued at $37,000. Money Concepts Capital Corp raised its holdings in shares of TC Energy by 149.1% during the 4th quarter. Money Concepts Capital Corp now owns 949 shares of the pipeline company’s stock worth $38,000 after acquiring an additional 568 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in TC Energy by 152.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,028 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 620 shares during the period. 71.21% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on TRP. StockNews.com assumed coverage on shares of TC Energy in a research report on Thursday, May 18th. They set a “hold” rating on the stock. TheStreet raised shares of TC Energy from a “c” rating to a “b-” rating in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $63.06.
TC Energy Stock Performance
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last announced its earnings results on Friday, April 28th. The pipeline company reported $0.89 EPS for the quarter, meeting analysts’ consensus estimates of $0.89. TC Energy had a net margin of 11.35% and a return on equity of 13.97%. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Equities research analysts forecast that TC Energy Co. will post 3.07 EPS for the current year.
TC Energy Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Friday, June 30th will be paid a $0.688 dividend. This represents a $2.75 annualized dividend and a yield of 7.04%. The ex-dividend date is Thursday, June 29th. TC Energy’s payout ratio is currently 224.80%.
TC Energy 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 93,700 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.
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