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

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

Institutional Investors Weigh In On TC Energy

A number of hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC acquired a new stake in TC Energy during the first quarter worth about $26,000. Trust Co. of Vermont acquired a new position in TC Energy in the 2nd quarter valued at about $33,000. Halbert Hargrove Global Advisors LLC acquired a new position in TC Energy in the 3rd quarter valued at about $35,000. Aberdeen Wealth Management LLC purchased a new stake in shares of TC Energy in the 2nd quarter valued at approximately $51,000. Finally, Ascentis Independent Advisors purchased a new stake in shares of TC Energy in the 1st quarter valued at approximately $49,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Price Performance

NYSE:TRP opened at $59.65 on Friday. TC Energy has a one year low of $49.27 and a one year high of $71.47. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a market cap of $59.65 billion, a PE ratio of 22.99 and a beta of 0.70. The stock has a 50 day moving average price of $61.44 and a 200 day moving average price of $64.76.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the prior year, the business earned $0.82 EPS. Equities research analysts expect that TC Energy will post 2.78 EPS for the current fiscal year.

TC Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a dividend of C$0.88 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.9%. The ex-dividend date is Tuesday, September 29th. TC Energy’s payout ratio is currently 104.98%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research note on Thursday, July 16th. Raymond James Financial reiterated a “market perform” rating on shares of TC Energy in a report on Wednesday, September 16th. TD upgraded TC Energy to a “buy” rating in a research note on Tuesday, September 15th. Jefferies Financial Group raised TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 1st. Finally, The Goldman Sachs Group raised TC Energy from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a report on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.00.

TC Energy Company Profile

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.