TC Energy Corporation (NYSE:TRP) Sees Significant Growth in Short Interest

Key Points

• TC Energy Corporation experienced a 130.6% increase in short interest in September, with a total of 57.46 million shares sold short as of September 30th, representing 5.5% of the company's shares.
• The company recently announced a quarterly dividend increase to $0.6148 per share, reflecting a dividend yield of 4.8% and a payout ratio of 84.30%.
• Analysts have mixed views on TC Energy, with ratings ranging from "Strong Buy" to "Hold", while the consensus price target sits at $62.00.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP saw a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 57,460,000 shares, a growth of 130.6% from the September 15th total of 24,920,000 shares. Currently, 5.5% of the company's shares are sold short. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is currently 30.9 days. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is currently 30.9 days. Currently, 5.5% of the company's shares are sold short.

TC Energy Stock Up 0.2%

Shares of TRP traded up $0.10 during midday trading on Monday, reaching $51.54. 1,618,140 shares of the stock were exchanged, compared to its average volume of 2,271,040. TC Energy has a 52 week low of $43.51 and a 52 week high of $55.37. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company's 50 day moving average is $52.27 and its two-hundred day moving average is $49.93. The company has a market capitalization of $53.61 billion, a P/E ratio of 17.59, a PEG ratio of 4.84 and a beta of 0.75.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period in the prior year, the business posted $0.79 EPS. On average, sell-side analysts anticipate that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a dividend of $0.6148 per share. This is an increase from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.8%. TC Energy's dividend payout ratio (DPR) is currently 84.30%.

Analyst Upgrades and Downgrades

TRP has been the topic of several research analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research report on Monday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a research report on Wednesday, October 8th. Cibc World Mkts downgraded TC Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 9th. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Tuesday, October 14th. Finally, US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

Institutional Investors Weigh In On TC Energy

A number of hedge funds have recently made changes to their positions in the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of TC Energy by 9.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company's stock worth $74,297,000 after purchasing an additional 115,000 shares during the last quarter. Valicenti Advisory Services Inc. lifted its stake in shares of TC Energy by 0.5% during the 3rd quarter. Valicenti Advisory Services Inc. now owns 50,195 shares of the pipeline company's stock worth $2,731,000 after purchasing an additional 240 shares during the last quarter. FSM Wealth Advisors LLC raised its stake in TC Energy by 8.2% in the third quarter. FSM Wealth Advisors LLC now owns 6,001 shares of the pipeline company's stock valued at $326,000 after buying an additional 455 shares during the last quarter. New Hampshire Trust raised its stake in TC Energy by 14.0% in the third quarter. New Hampshire Trust now owns 10,259 shares of the pipeline company's stock valued at $558,000 after buying an additional 1,258 shares during the last quarter. Finally, Burney Co. purchased a new stake in TC Energy in the third quarter valued at about $2,115,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

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.

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