Short Interest in TC Energy Corporation (NYSE:TRP) Declines By 75.3%

Key Points

• TC Energy Corporation experienced a significant decline in short interest, with a drop of 75.3% in July, decreasing from 33,540,000 shares to just 8,290,000 shares.
• The company announced a quarterly dividend increase, declaring a dividend of $0.6148 per share, representing a yield of 4.8% and up from the previous dividend of $0.61.
• TC Energy reported earnings of $0.59 EPS for the quarter, exceeding analysts' expectations of $0.56, despite revenue falling short at $1.82 billion compared to the forecasted $2.56 billion.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 8,290,000 shares, adecreaseof75.3% from the July 15th total of 33,540,000 shares. Based on an average trading volume of 2,350,000 shares, the short-interest ratio is currently 3.5 days. Currently,0.8% of the shares of the company are sold short. Currently,0.8% of the shares of the company are sold short. Based on an average trading volume of 2,350,000 shares, the short-interest ratio is currently 3.5 days.

TC Energy Trading Down 0.2%

Shares of NYSE:TRP traded down $0.12 during mid-day trading on Friday, reaching $51.10. 473,797 shares of the company were exchanged, compared to its average volume of 2,348,199. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a market cap of $53.14 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 4.90 and a beta of 0.75. The firm's 50-day simple moving average is $48.39 and its 200 day simple moving average is $48.04. TC Energy has a 1 year low of $39.79 and a 1 year high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter last year, the company posted $0.79 EPS. Equities research analysts forecast that TC Energy will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. This is a boost from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio is presently 85.32%.

Institutional Investors Weigh In On TC Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Lowe Wealth Advisors LLC purchased a new stake in shares of TC Energy in the first quarter valued at about $30,000. Hilltop National Bank purchased a new stake in TC Energy during the 2nd quarter valued at approximately $32,000. Harbor Asset Planning Inc. purchased a new stake in TC Energy during the 2nd quarter valued at approximately $43,000. Sagard Holdings Management Inc. purchased a new stake in TC Energy during the 2nd quarter valued at approximately $46,000. Finally, TruNorth Capital Management LLC purchased a new stake in TC Energy during the 1st quarter valued at approximately $45,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the topic of several research reports. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Finally, CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

About TC Energy

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.

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