TC Energy Corporation (NYSE:TRP) Short Interest Update

TC Energy Corporation (NYSE:TRP) (TSE:TRP) was the recipient of a large decline in short interest in April. As of April 30th, there was short interest totaling 5,885,060 shares, a decline of 73.2% from the April 15th total of 21,973,961 shares. Based on an average daily trading volume, of 2,691,801 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.6% of the company’s stock are sold short.

TC Energy Stock Up 1.2%

Shares of TRP traded up $0.82 during midday trading on Wednesday, hitting $67.12. The company had a trading volume of 2,912,926 shares, compared to its average volume of 2,583,037. The company’s 50 day moving average price is $63.39 and its 200 day moving average price is $58.43. The stock has a market cap of $69.92 billion, a price-to-earnings ratio of 29.13 and a beta of 0.67. TC Energy has a 52 week low of $46.29 and a 52 week high of $67.32. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, equities research analysts predict that TC Energy will post 2.75 EPS for the current year.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.2%. TC Energy’s payout ratio is presently 109.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TRP. Wells Fargo & Company reiterated an “overweight” rating on shares of TC Energy in a report on Monday, February 16th. Wall Street Zen upgraded TC Energy from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. The Goldman Sachs Group upgraded TC Energy from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $53.00 to $62.00 in a report on Monday, April 20th. Finally, Barclays restated an “overweight” rating on shares of TC Energy in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and an average price target of $78.50.

Institutional Investors Weigh In On TC Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of TC Energy during the 4th quarter valued at about $25,000. Sterling Capital Management LLC bought a new stake in shares of TC Energy during the 1st quarter valued at about $26,000. Trust Co. of Vermont bought a new stake in shares of TC Energy during the 4th quarter valued at about $28,000. Westside Investment Management Inc. grew its position in shares of TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock valued at $32,000 after buying an additional 297 shares during the last quarter. Finally, McIlrath & Eck LLC bought a new stake in shares of TC Energy during the 4th quarter valued at about $32,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.