Park Place Capital Corp Sells 2,760 Shares of TC Energy Co. (NYSE:TRP)

Park Place Capital Corp cut its holdings in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 20.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,559 shares of the pipeline company’s stock after selling 2,760 shares during the period. Park Place Capital Corp’s holdings in TC Energy were worth $400,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Canoe Financial LP boosted its position in shares of TC Energy by 781.8% during the 4th quarter. Canoe Financial LP now owns 704,176 shares of the pipeline company’s stock worth $27,526,000 after purchasing an additional 624,316 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of TC Energy during the first quarter valued at about $1,159,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in TC Energy by 15.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,109,055 shares of the pipeline company’s stock valued at $81,599,000 after purchasing an additional 278,886 shares during the period. M&G Plc bought a new position in shares of TC Energy in the first quarter worth approximately $111,587,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in TC Energy by 29,994.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock worth $12,094,000 after purchasing an additional 308,348 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.67.

TC Energy Stock Down 1.6 %

Shares of TRP traded down $0.67 during midday trading on Monday, hitting $42.10. 1,013,617 shares of the company’s stock traded hands, compared to its average volume of 3,008,291. TC Energy Co. has a 1 year low of $32.51 and a 1 year high of $43.41. The firm’s fifty day moving average is $39.35 and its 200-day moving average is $38.86. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $42.10 billion, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 3.52 and a beta of 0.79.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 19.07%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. As a group, sell-side analysts anticipate that TC Energy Co. will post 3.04 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.702 per share. The ex-dividend date is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 6.67%. TC Energy’s payout ratio is currently 144.85%.

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.