Short Interest in TC Energy Corporation (NYSE:TRP) Expands By 153.0%

TC Energy Corporation (NYSE:TRP) (TSE:TRP) was the recipient of a significant increase in short interest in the month of May. As of May 15th, there was short interest totaling 14,887,013 shares, an increase of 153.0% from the April 30th total of 5,885,060 shares. Based on an average trading volume of 2,133,937 shares, the short-interest ratio is presently 7.0 days. Approximately 1.5% of the company’s shares are short sold.

TC Energy Price Performance

Shares of NYSE TRP opened at $66.67 on Friday. TC Energy has a 1-year low of $46.29 and a 1-year high of $71.47. The business has a 50-day moving average of $64.71 and a 200-day moving average of $60.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The company has a market capitalization of $66.67 billion, a price-to-earnings ratio of 28.94 and a beta of 0.67.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping 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 company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, equities analysts anticipate that TC Energy will post 2.75 EPS 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 given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.3%. TC Energy’s dividend payout ratio is presently 109.57%.

Analysts Set New Price Targets

A number of research firms have issued reports on TRP. Citigroup reissued a “neutral” rating on shares of TC Energy in a research report on Thursday, February 19th. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research report on Monday, February 16th. National Bank Financial raised TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Finally, Royal Bank Of Canada upped their target price on TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.50.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC acquired a new position in shares of TC Energy in the first quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of TC Energy in the fourth quarter worth about $25,000. Trust Co. of Vermont acquired a new position in shares of TC Energy in the fourth quarter worth about $28,000. McIlrath & Eck LLC acquired a new position in shares of TC Energy in the fourth quarter worth about $32,000. Finally, Westside Investment Management Inc. lifted its stake in shares of TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 297 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

About TC Energy

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.