TC Energy Co. (NYSE:TRP) Short Interest Down 61.7% in October

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 14,620,000 shares, a decrease of 61.7% from the September 30th total of 38,150,000 shares. Based on an average daily volume of 2,680,000 shares, the short-interest ratio is currently 5.5 days. Currently, 1.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Fortitude Family Office LLC acquired a new stake in TC Energy during the third quarter worth about $28,000. Blue Trust Inc. raised its position in shares of TC Energy by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares during the period. EdgeRock Capital LLC acquired a new position in TC Energy during the 2nd quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. boosted its position in TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 429 shares during the period. Finally, Mather Group LLC. acquired a new stake in TC Energy in the second quarter worth $33,000. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TRP. Veritas raised TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. StockNews.com began coverage on TC Energy in a research note on Saturday, October 5th. They set a “hold” rating for the company. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Finally, UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.50.

TC Energy Stock Up 0.6 %

TC Energy stock traded up $0.27 during midday trading on Friday, hitting $47.26. The stock had a trading volume of 1,364,790 shares, compared to its average volume of 3,184,181. The business has a fifty day moving average price of $46.20 and a 200 day moving average price of $41.50. TC Energy has a 12 month low of $30.61 and a 12 month high of $48.25. The stock has a market cap of $47.26 billion, a P/E ratio of 24.36, a P/E/G ratio of 3.92 and a beta of 0.81. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the previous year, the business earned $0.71 EPS. Research analysts predict that TC Energy will post 3.02 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.94%. TC Energy’s dividend payout ratio (DPR) is 146.39%.

TC Energy Company Profile

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.