TC Energy Corporation (NYSE:TRP) Short Interest Update

TC Energy Corporation (NYSE:TRP) (TSE:TRP) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totaling 14,887,013 shares, a growth of 153.0% from the April 30th total of 5,885,060 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,133,937 shares, the short-interest ratio is currently 7.0 days.

TC Energy Price Performance

Shares of TRP traded down $0.04 during mid-day trading on Monday, reaching $66.58. The company had a trading volume of 617,127 shares, compared to its average volume of 2,534,178. The company’s 50 day simple moving average is $64.71 and its 200 day simple moving average is $60.09. TC Energy has a 1-year low of $46.29 and a 1-year high of $71.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The company has a market capitalization of $66.58 billion, a price-to-earnings ratio of 28.89 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the company posted $0.95 EPS. Analysts expect that TC Energy will post 2.75 EPS for the current year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Tuesday, June 30th. TC Energy’s dividend payout ratio (DPR) is presently 109.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. National Bank Financial upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. Royal Bank Of Canada increased their price objective on shares of TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings downgraded shares of TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note 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 issued a Hold rating to the company. Based on data from MarketBeat.com, TC Energy has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in TC Energy during the 4th quarter worth approximately $25,000. Sterling Capital Management LLC acquired a new stake in TC Energy during the 1st quarter worth approximately $26,000. Trust Co. of Vermont acquired a new stake in TC Energy during the 4th quarter worth approximately $28,000. Westside Investment Management Inc. boosted its position in TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after buying an additional 297 shares during the period. Finally, McIlrath & Eck LLC acquired a new stake in TC Energy during the 4th quarter worth approximately $32,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

About TC Energy

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.