TC Energy Co. (NYSE:TRP) Sees Large Increase in Short Interest

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 48,410,000 shares, an increase of 345.8% from the December 15th total of 10,860,000 shares. Approximately 4.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,090,000 shares, the days-to-cover ratio is currently 23.2 days.

Institutional Investors Weigh In On TC Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board increased its position in TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after buying an additional 10,065,000 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of TC Energy by 4.1% during the second quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock valued at $450,749,000 after acquiring an additional 467,497 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of TC Energy by 156.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after purchasing an additional 4,126,801 shares during the period. Geode Capital Management LLC lifted its holdings in shares of TC Energy by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,712,660 shares of the pipeline company’s stock worth $225,890,000 after purchasing an additional 360,548 shares in the last quarter. Finally, Merewether Investment Management LP grew its position in TC Energy by 37.9% in the 3rd quarter. Merewether Investment Management LP now owns 4,097,600 shares of the pipeline company’s stock valued at $194,776,000 after purchasing an additional 1,127,000 shares during the period. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Down 1.8 %

TC Energy stock traded down $0.82 during mid-day trading on Monday, hitting $45.88. 3,563,127 shares of the stock were exchanged, compared to its average volume of 1,882,904. The stock has a market capitalization of $47.66 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 3.88 and a beta of 0.82. TC Energy has a 12 month low of $31.83 and a 12 month high of $50.37. 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 firm’s fifty day simple moving average is $47.74 and its two-hundred day simple moving average is $45.42.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. Analysts forecast that TC Energy will post 3 EPS for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a dividend yield of 7.17%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s payout ratio is currently 63.16%.

Analyst Upgrades and Downgrades

Several research firms have commented on TRP. Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. UBS Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. BMO Capital Markets boosted their target price on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. Finally, StockNews.com began coverage on shares of TC Energy in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $55.67.

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.