Redwood Wealth Management Group LLC Lowers Holdings in TC Energy Co. (NYSE:TRP)

Redwood Wealth Management Group LLC trimmed its holdings in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 3.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 12,346 shares of the pipeline company’s stock after selling 405 shares during the period. Redwood Wealth Management Group LLC’s holdings in TC Energy were worth $575,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Captrust Financial Advisors boosted its holdings in TC Energy by 1.3% in the third quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock valued at $871,000 after purchasing an additional 242 shares during the last quarter. Prospera Financial Services Inc boosted its holdings in TC Energy by 4.8% in the third quarter. Prospera Financial Services Inc now owns 5,754 shares of the pipeline company’s stock valued at $274,000 after purchasing an additional 262 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in TC Energy by 8.1% in the third quarter. First Horizon Advisors Inc. now owns 3,505 shares of the pipeline company’s stock valued at $167,000 after purchasing an additional 264 shares during the last quarter. Blue Trust Inc. boosted its holdings in TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Cohen Investment Advisors LLC boosted its holdings in TC Energy by 2.9% in the fourth quarter. Cohen Investment Advisors LLC now owns 9,831 shares of the pipeline company’s stock valued at $457,000 after purchasing an additional 279 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on TRP shares. Morgan Stanley upgraded shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. TD Securities started coverage on shares of TC Energy in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. StockNews.com started coverage on shares of TC Energy in a research report on Wednesday, December 4th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. upgraded shares of TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, three 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 target price of $56.00.

TC Energy Stock Up 3.2 %

TRP opened at $46.71 on Wednesday. TC Energy Co. has a twelve month low of $31.83 and a twelve month high of $50.37. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The company has a 50-day moving average price of $46.92 and a 200 day moving average price of $46.25. The company has a market cap of $48.53 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 4.31 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. Sell-side analysts expect that TC Energy Co. will post 2.95 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were issued a $0.822 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a yield of 7.04%. TC Energy’s dividend payout ratio is presently 63.43%.

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.