Bank of Nova Scotia Sells 11,448,035 Shares of TC Energy Co. (NYSE:TRP)

Bank of Nova Scotia lessened its position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) by 54.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,420,556 shares of the pipeline company’s stock after selling 11,448,035 shares during the quarter. TC Energy accounts for 0.8% of Bank of Nova Scotia’s portfolio, making the stock its 19th biggest holding. Bank of Nova Scotia’s holdings in TC Energy were worth $438,953,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Addenda Capital Inc. increased its position in TC Energy by 4.4% in the fourth quarter. Addenda Capital Inc. now owns 1,034,497 shares of the pipeline company’s stock worth $48,135,000 after buying an additional 43,639 shares in the last quarter. Captrust Financial Advisors increased its holdings in TC Energy by 1.3% in the 3rd quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock worth $871,000 after acquiring an additional 242 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in TC Energy by 44.8% during the fourth quarter. Ritholtz Wealth Management now owns 23,957 shares of the pipeline company’s stock valued at $1,115,000 after purchasing an additional 7,412 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of TC Energy by 7.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company’s stock worth $10,463,000 after purchasing an additional 16,334 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of TC Energy in the third quarter worth $3,771,000. Institutional investors own 83.13% of the company’s stock.

Analysts Set New Price Targets

TRP has been the subject of a number of analyst reports. StockNews.com lowered TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Citigroup started coverage on TC Energy in a research note on Friday. They issued a “neutral” rating for the company. US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. TD Securities initiated coverage on shares of TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Veritas upgraded shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.00.

TC Energy Stock Down 0.4 %

Shares of NYSE TRP opened at $45.75 on Tuesday. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. TC Energy Co. has a 12-month low of $34.95 and a 12-month high of $50.37. The firm’s 50-day moving average price is $46.57 and its 200-day moving average price is $47.00. The stock has a market capitalization of $47.54 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 4.34 and a beta of 0.74.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.54. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same period last year, the company earned $1.35 EPS. On average, equities research analysts anticipate that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.85 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 annualized dividend and a dividend yield of 7.43%. This is an increase from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s dividend payout ratio is currently 72.53%.

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 93,600 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.