TC Energy Co. (NYSE:TRP) Short Interest Up 360.9% in March

TC Energy Co. (NYSE:TRP) (TSE:TRP) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 34,940,000 shares, an increase of 360.9% from the February 28th total of 7,580,000 shares. Based on an average daily trading volume, of 2,040,000 shares, the short-interest ratio is currently 17.1 days. Currently, 3.4% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TRP. StockNews.com downgraded TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. US Capital Advisors raised TC Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, February 3rd. Royal Bank of Canada raised their price target on TC Energy from $71.00 to $74.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. TD Securities assumed coverage on shares of TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Veritas raised shares of TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

TC Energy Price Performance

Shares of TRP stock opened at $48.02 on Friday. The business has a fifty day simple moving average of $46.54 and a 200 day simple moving average of $46.93. The company has a market cap of $49.90 billion, a P/E ratio of 14.82, a P/E/G ratio of 4.34 and a beta of 0.83. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. TC Energy has a twelve month low of $34.95 and a twelve month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.51 by $0.54. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the previous year, the firm earned $1.35 earnings per share. On average, sell-side analysts forecast that TC Energy will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.85 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.82. The ex-dividend date is Monday, March 31st. This represents a $3.40 annualized dividend and a yield of 7.08%. TC Energy’s dividend payout ratio is presently 72.53%.

Institutional Trading of TC Energy

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of TC Energy during the 4th quarter valued at $428,759,000. Mufg Securities Canada LTD. raised its position in TC Energy by 571.7% in the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company’s stock valued at $288,043,000 after purchasing an additional 5,264,079 shares during the last quarter. Blackstone Inc. boosted its stake in shares of TC Energy by 83.8% during the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company’s stock valued at $355,371,000 after purchasing an additional 3,482,874 shares in the last quarter. FIL Ltd grew its holdings in shares of TC Energy by 10.3% during the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of TC Energy during the fourth quarter worth about $102,405,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

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.