Short Interest in TC Energy Co. (NYSE:TRP) Decreases By 28.3%

TC Energy Co. (NYSE:TRP) (TSE:TRP) saw a large decline in short interest in the month of 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. Currently, 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 2,510,000 shares, the days-to-cover ratio is currently 4.2 days.

TC Energy Stock Up 0.8 %

Shares of TC Energy stock traded up $0.40 during trading hours on Thursday, hitting $48.84. 2,212,241 shares of the company’s stock traded hands, compared to its average volume of 3,090,301. TC Energy has a twelve month low of $31.83 and a twelve month high of $50.22. The company has a market cap of $50.69 billion, a PE ratio of 13.42, a PEG ratio of 4.06 and a beta of 0.81. 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 stock has a 50 day simple moving average of $46.78 and a 200-day simple moving average of $42.59.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.70 by $0.06. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. Equities research analysts anticipate that TC Energy will post 2.98 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a yield of 6.73%. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio (DPR) is currently 78.95%.

Analysts Set New Price Targets

TRP has been the subject of several research reports. StockNews.com started coverage on shares of TC Energy in a research note on Saturday, October 5th. They set a “hold” rating for the company. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Veritas raised TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group boosted their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. Finally, Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $48.50.

Institutional Investors Weigh In On TC Energy

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of TC Energy in the 1st quarter worth approximately $104,000. Atomi Financial Group Inc. bought a new position in shares of TC Energy in the 1st quarter worth about $219,000. Windsor Advisory Group LLC boosted its holdings in shares of TC Energy by 2.5% in the 1st quarter. Windsor Advisory Group LLC now owns 12,831 shares of the pipeline company’s stock valued at $516,000 after buying an additional 316 shares during the period. M&G Plc bought a new stake in shares of TC Energy during the first quarter valued at approximately $111,587,000. Finally, Intech Investment Management LLC bought a new stake in TC Energy during the first quarter worth approximately $1,159,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

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.