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

Key Points

• TC Energy Corporation (NYSE:TRP) experienced a significant increase in short interest, rising by 72.3% to 14,870,000 shares as of August 31st, reflecting approximately 1.4% of the company's stock.
• The company announced a quarterly dividend of $0.6148 per share, representing an annualized yield of 4.7%, which is an increase from the previous dividend.
• Analysts have mixed ratings on TC Energy, with an overall average rating of "Moderate Buy" and a price target of $62.00.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 14,870,000 shares, an increase of 72.3% from the August 15th total of 8,630,000 shares. Approximately 1.4% of the company's stock are short sold. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is currently 6.4 days. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is currently 6.4 days. Approximately 1.4% of the company's stock are short sold.

Analyst Upgrades and Downgrades

TRP has been the subject of several research analyst reports. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Wall Street Zen raised shares of TC Energy from a "sell" rating to a "hold" rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, TC Energy has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.09 during midday trading on Monday, hitting $52.22. The company's stock had a trading volume of 1,955,934 shares, compared to its average volume of 2,278,949. The stock has a market capitalization of $54.31 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 5.01 and a beta of 0.77. TC Energy has a fifty-two week low of $40.76 and a fifty-two week high of $52.49. The stock's 50 day simple moving average is $49.68 and its 200 day simple moving average is $48.91. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 in the prior year, the company posted $0.79 EPS. As a group, research analysts anticipate that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a dividend of $0.6148 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is presently 85.32%.

Institutional Trading of TC Energy

Hedge funds have recently modified their holdings of the company. Lowe Wealth Advisors LLC bought a new position in TC Energy during the first quarter worth $30,000. Hilltop National Bank bought a new stake in shares of TC Energy during the second quarter worth about $32,000. Harbor Asset Planning Inc. bought a new stake in TC Energy in the second quarter valued at approximately $43,000. Sagard Holdings Management Inc. bought a new stake in TC Energy in the second quarter valued at approximately $46,000. Finally, TruNorth Capital Management LLC acquired a new position in TC Energy in the first quarter valued at approximately $45,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

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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