Short Interest in TC Energy Co. (NYSE:TRP) Grows By 360.9%

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 34,940,000 shares, a growth of 360.9% from the February 28th total of 7,580,000 shares. Approximately 3.4% of the company’s stock are short sold. Based on an average daily volume of 2,040,000 shares, the days-to-cover ratio is currently 17.1 days.

TC Energy Stock Performance

Shares of NYSE TRP opened at $48.02 on Friday. TC Energy has a 12 month low of $34.95 and a 12 month high of $50.37. The stock has a 50 day moving average of $46.54 and a 200-day moving average of $46.93. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56. The company has a market capitalization 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.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.51 by $0.54. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.42 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same period in the previous year, the company earned $1.35 earnings per share. As a group, equities research analysts predict that TC Energy will post 2.63 EPS for the current year.

TC Energy Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. TD Securities initiated coverage on shares of TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Veritas upgraded TC Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, February 18th. StockNews.com cut TC Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Royal Bank of Canada boosted 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. Finally, US Capital Advisors raised TC Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently 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 institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of TC Energy by 23.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,066 shares of the pipeline company’s stock worth $980,000 after purchasing an additional 4,033 shares during the period. Lansforsakringar Fondforvaltning AB publ acquired a new position in TC Energy in the 4th quarter valued at $10,436,000. Value Partners Investments Inc. bought a new position in TC Energy during the 4th quarter worth $245,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of TC Energy during the fourth quarter worth $2,510,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of TC Energy by 343.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 351,705 shares of the pipeline company’s stock valued at $16,375,000 after acquiring an additional 272,457 shares during the period. Institutional investors 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.