Short Interest in TC Energy Co. (NYSE:TRP) Increases By 107.8%

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 72,620,000 shares, an increase of 107.8% from the March 15th total of 34,940,000 shares. Based on an average daily volume of 2,410,000 shares, the short-interest ratio is presently 30.1 days. Approximately 7.0% of the shares of the company are sold short.

TC Energy Price Performance

Shares of NYSE TRP opened at $49.44 on Friday. TC Energy has a fifty-two week low of $34.95 and a fifty-two week high of $50.37. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. The firm has a market cap of $51.39 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 4.34 and a beta of 0.74. The business has a 50 day moving average price of $46.73 and a two-hundred day moving average price of $46.99.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.54. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate 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 firm earned $1.35 earnings per share. Sell-side analysts expect that TC Energy will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a $0.85 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend is Monday, March 31st. TC Energy’s dividend payout ratio (DPR) is presently 72.84%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TRP. Lowe Wealth Advisors LLC acquired a new position in TC Energy in the first quarter valued at approximately $30,000. SBI Securities Co. Ltd. acquired a new stake in TC Energy in the fourth quarter worth $31,000. Versant Capital Management Inc acquired a new stake in shares of TC Energy in the 4th quarter worth about $33,000. Synergy Investment Management LLC acquired a new position in TC Energy during the 4th quarter valued at about $36,000. Finally, Millstone Evans Group LLC bought a new stake in shares of TC Energy during the fourth quarter valued at approximately $41,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRP has been the topic of several recent research reports. TD Securities assumed coverage on TC Energy in a research report on Wednesday, January 15th. They issued a “buy” rating on the stock. Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. Citigroup assumed coverage on TC Energy in a research report on Friday, April 4th. They set a “neutral” rating for the company. StockNews.com lowered TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.00.

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.