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

TC Energy Corporation (NYSE:TRP) (TSE:TRP) was the target of a significant drop in short interest in April. As of April 30th, there was short interest totaling 5,885,060 shares, a drop of 73.2% from the April 15th total of 21,973,961 shares. Based on an average daily trading volume, of 2,691,801 shares, the days-to-cover ratio is currently 2.2 days. Currently, 0.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its stake in TC Energy by 38.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock worth $4,796,000 after acquiring an additional 24,617 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in TC Energy in the 3rd quarter worth about $1,391,000. Citigroup Inc. lifted its stake in TC Energy by 19.2% in the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company’s stock worth $20,562,000 after acquiring an additional 61,013 shares in the last quarter. Vanguard Group Inc. lifted its stake in TC Energy by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company’s stock worth $2,545,777,000 after acquiring an additional 914,168 shares in the last quarter. Finally, Nicola Wealth Management LTD. lifted its stake in TC Energy by 793.7% in the 3rd quarter. Nicola Wealth Management LTD. now owns 2,302,996 shares of the pipeline company’s stock worth $125,229,000 after acquiring an additional 2,045,300 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Trading Up 0.1%

Shares of NYSE TRP traded up $0.09 during mid-day trading on Friday, hitting $68.23. 1,601,207 shares of the company traded hands, compared to its average volume of 2,461,780. TC Energy has a 1 year low of $46.29 and a 1 year high of $68.30. The stock has a market capitalization of $68.23 billion, a price-to-earnings ratio of 29.61 and a beta of 0.67. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The business has a 50 day moving average of $63.58 and a two-hundred day moving average of $58.73.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the business posted $0.95 earnings per share. On average, sell-side analysts anticipate that TC Energy will post 2.75 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s dividend payout ratio is currently 109.57%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TRP shares. The Goldman Sachs Group raised TC Energy from a “sell” rating to a “neutral” rating and raised their target price for the company from $53.00 to $62.00 in a research note on Monday, April 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Citigroup reaffirmed a “neutral” rating on shares of TC Energy in a research note on Thursday, February 19th. Morgan Stanley reaffirmed an “overweight” rating on shares of TC Energy in a report on Wednesday, January 28th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of TC Energy in a report on Monday, February 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and a consensus price target of $78.50.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.