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

TC Energy Co. (NYSE:TRPGet Rating) (TSE:TRP) saw a significant decline in short interest during the month of April. As of April 30th, there was short interest totalling 9,810,000 shares, a decline of 44.0% from the April 15th total of 17,520,000 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 5.4 days.

A number of institutional investors have recently modified their holdings of the stock. Keudell Morrison Wealth Management lifted its holdings in TC Energy by 3.0% during the first quarter. Keudell Morrison Wealth Management now owns 6,508 shares of the pipeline company’s stock worth $367,000 after acquiring an additional 188 shares during the period. Wealth Alliance lifted its holdings in TC Energy by 1.9% during the first quarter. Wealth Alliance now owns 10,458 shares of the pipeline company’s stock worth $590,000 after acquiring an additional 195 shares during the period. HighTower Trust Services LTA lifted its holdings in TC Energy by 1.7% during the first quarter. HighTower Trust Services LTA now owns 12,128 shares of the pipeline company’s stock worth $684,000 after acquiring an additional 198 shares during the period. MV Capital Management Inc. lifted its holdings in TC Energy by 38.1% during the fourth quarter. MV Capital Management Inc. now owns 725 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 200 shares during the period. Finally, Financial Management Professionals Inc. raised its stake in shares of TC Energy by 26.0% in the first quarter. Financial Management Professionals Inc. now owns 970 shares of the pipeline company’s stock valued at $55,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 70.11% of the company’s stock.

Shares of TRP stock traded up $1.00 during trading hours on Friday, reaching $55.42. The company had a trading volume of 1,670,810 shares, compared to its average volume of 1,670,323. TC Energy has a 12 month low of $44.77 and a 12 month high of $59.06. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.61 and a quick ratio of 0.54. The business has a fifty day simple moving average of $56.05 and a 200-day simple moving average of $51.95. The company has a market cap of $54.48 billion, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 4.06 and a beta of 0.71.

TC Energy (NYSE:TRPGet Rating) (TSE:TRP) last posted its earnings results on Friday, April 29th. The pipeline company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). TC Energy had a net margin of 24.96% and a return on equity of 14.61%. The company had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.60 billion. During the same quarter in the prior year, the business earned $0.89 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities research analysts expect that TC Energy will post 3.35 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Thursday, June 30th will be issued a dividend of $0.72 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date is Wednesday, June 29th. TC Energy’s dividend payout ratio (DPR) is 109.51%.

A number of brokerages have commented on TRP. CIBC raised shares of TC Energy from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. BMO Capital Markets upped their price objective on shares of TC Energy from C$70.00 to C$73.00 in a report on Wednesday, February 16th. StockNews.com began coverage on shares of TC Energy in a report on Thursday, March 31st. They set a “hold” rating on the stock. Industrial Alliance Securities upgraded shares of TC Energy from a “hold” rating to a “buy” rating and set a C$74.00 price objective on the stock in a report on Monday, April 4th. Finally, Scotiabank upped their price objective on shares of TC Energy from C$72.00 to C$78.00 in a report on Wednesday, April 13th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $67.17.

About TC Energy (Get Rating)

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 Storage. The company builds and operates 93,300 km network 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.

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