TC Energy Corporation (NYSE:TRP) Stock Short Interest Rises 64.0%

Key Points

• TC Energy’s short interest surged 64% to 56.8 million shares as of September 30, representing 5.7% of shares outstanding and a short-interest ratio of 14.2 days.
• The stock opened at $59.65 after falling 2.4%, while the company reported quarterly EPS of $0.68, beating estimates by $0.07. Analysts project full-year EPS of $2.78.
• TC Energy declared a quarterly dividend of C$0.88, implying a 5.9% annualized yield, and analysts maintained a consensus “Moderate Buy” rating with an average price target of $92.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP saw a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 56,768,076 shares, a growth of 64.0% from the September 15th total of 34,606,418 shares. Currently, 5.7% of the shares of the company are short sold. Based on an average daily volume of 4,000,741 shares, the short-interest ratio is presently 14.2 days.

TC Energy Trading Down 2.4%

TRP stock opened at $59.65 on Friday. The company's 50-day simple moving average is $61.44 and its 200-day simple moving average is $64.76. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. TC Energy has a 52-week low of $49.27 and a 52-week high of $71.47. The firm has a market cap of $59.65 billion, a P/E ratio of 22.99 and a beta of 0.70.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to analysts' expectations of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same period last year, the firm earned $0.82 EPS. As a group, equities analysts forecast that TC Energy will post 2.78 EPS for the current fiscal year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a C$0.88 dividend. This represents a $3.51 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 104.98%.

Institutional Trading of TC Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board purchased a new position in shares of TC Energy during the 2nd quarter valued at approximately $1,148,244,000. GQG Partners LLC purchased a new stake in TC Energy in the 2nd quarter worth $1,107,936,000. Deutsche Bank AG raised its position in TC Energy by 1.3% during the second quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock worth $1,048,809,000 after acquiring an additional 196,543 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in TC Energy during the second quarter worth $977,976,000. Finally, TD Waterhouse Canada Inc. raised its position in TC Energy by 3.0% during the second quarter. TD Waterhouse Canada Inc. now owns 10,619,936 shares of the pipeline company's stock worth $695,799,000 after acquiring an additional 312,027 shares during the period. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRP has been the subject of a number of recent research reports. TD upgraded TC Energy to a "buy" rating in a research note on Tuesday, September 15th. BMO Capital Markets reissued an "outperform" rating and issued a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. The Goldman Sachs Group upgraded TC Energy from a "neutral" rating to a "buy" rating and set a $71.00 target price on the stock in a research note on Wednesday, September 30th. TD Securities upgraded TC Energy from a "hold" rating to a "buy" rating in a research note on Monday, September 14th. Finally, Royal Bank Of Canada reaffirmed a "moderate buy" rating and set a $106.00 target price on shares of TC Energy in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.00.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its pipeline network transports natural gas from producing regions to utilities, industrial customers, power generators and export markets, while its storage facilities help support seasonal and daily demand.

The company's operations are concentrated in Canada, the United States and Mexico. Its major systems include the Canadian Mainline, which connects Western Canadian natural gas supplies with markets in Eastern Canada and the United States, as well as U.S.

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