TC Energy Co. (NYSE:TRP) Short Interest Update

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 10,480,000 shares, a decline of 28.3% from the October 15th total of 14,620,000 shares. Based on an average daily volume of 2,510,000 shares, the short-interest ratio is presently 4.2 days. Approximately 1.0% of the shares of the company are sold short.

TC Energy Price Performance

Shares of NYSE:TRP traded up $0.40 during trading on Thursday, hitting $48.84. 2,212,241 shares of the stock were exchanged, compared to its average volume of 3,090,301. TC Energy has a 12-month low of $31.83 and a 12-month high of $50.22. The company has a market cap of $50.69 billion, a PE ratio of 13.42, a P/E/G ratio of 4.06 and a beta of 0.81. The company has a fifty day moving average price of $46.78 and a two-hundred day moving average price 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 (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.83 billion. On average, analysts forecast that TC Energy will post 2.98 EPS for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.73%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s payout ratio is 78.95%.

Institutional Trading of TC Energy

Several institutional investors and hedge funds have recently made changes to their positions in TRP. Murchinson Ltd. purchased a new position in TC Energy in the 1st quarter valued at about $506,485,000. Canada Pension Plan Investment Board lifted its stake in shares of TC Energy by 107.1% during the second 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 boosted its position in TC Energy by 94.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after acquiring an additional 8,339,800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in TC Energy by 156.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after acquiring an additional 4,126,801 shares during the period. Finally, Merewether Investment Management LP purchased a new stake in TC Energy in the 2nd quarter worth approximately $112,618,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRP has been the topic of several recent research reports. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. StockNews.com assumed coverage on shares of TC Energy in a research report on Saturday, October 5th. They issued a “hold” rating on the stock. UBS Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Finally, Veritas raised TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $48.50.

TC Energy Company 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.