Short Interest in TC Energy Co. (NYSE:TRP) Decreases By 61.7%

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 14,620,000 shares, a drop of 61.7% from the September 30th total of 38,150,000 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average trading volume of 2,680,000 shares, the short-interest ratio is presently 5.5 days.

TC Energy Price Performance

Shares of TRP stock opened at $47.05 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The business’s fifty day moving average is $46.08 and its 200 day moving average is $41.40. TC Energy has a twelve month low of $30.61 and a twelve month high of $48.25. The stock has a market cap of $48.83 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 3.92 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the previous year, the company posted $0.71 earnings per share. Research analysts expect that TC Energy will post 3.02 EPS for the current fiscal year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a $0.702 dividend. This represents a $2.81 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio is 116.80%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Galibier Capital Management Ltd. purchased a new stake in TC Energy in the first quarter worth about $73,000. First Bank & Trust increased its position in TC Energy by 2.1% in the first quarter. First Bank & Trust now owns 58,835 shares of the pipeline company’s stock worth $2,365,000 after buying an additional 1,198 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in TC Energy in the first quarter worth about $125,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in TC Energy by 0.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,444,328 shares of the pipeline company’s stock worth $98,300,000 after buying an additional 18,363 shares in the last quarter. Finally, Norden Group LLC purchased a new stake in TC Energy in the first quarter worth about $354,000. Institutional investors own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. The Goldman Sachs Group raised their price objective on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. Finally, Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, TC Energy has a consensus 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.