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

TC Energy Co. (NYSE:TRP - Get Free Report) TSE: TRP was the recipient of a significant decrease in short interest in 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. Approximately 1.4% of the shares of the stock are short sold. Based on an average trading volume of 2,680,000 shares, the days-to-cover ratio is presently 5.5 days.

Hedge Funds Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRP. GSB Wealth Management LLC acquired a new stake in shares of TC Energy during the third quarter worth about $244,000. Fortitude Family Office LLC acquired a new stake in shares of TC Energy during the third quarter worth about $28,000. Asahi Life Asset Management CO. LTD. acquired a new stake in shares of TC Energy during the third quarter worth about $443,000. Inscription Capital LLC acquired a new stake in shares of TC Energy during the third quarter worth about $237,000. Finally, First Bank & Trust raised its position in shares of TC Energy by 0.7% during the third quarter. First Bank & Trust now owns 58,049 shares of the pipeline company's stock worth $2,760,000 after purchasing an additional 427 shares during the period. Institutional investors own 83.13% of the company's stock.

TC Energy Trading Up 0.6 %

TC Energy stock traded up $0.27 during mid-day trading on Friday, hitting $47.26. The stock had a trading volume of 1,364,789 shares, compared to its average volume of 3,184,181. 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 has a 12 month low of $30.61 and a 12 month high of $48.25. The stock has a market capitalization of $47.26 billion, a PE ratio of 24.36, a P/E/G ratio of 3.92 and a beta of 0.81. The stock has a 50-day simple moving average of $46.14 and a two-hundred day simple moving average of $41.44.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.99 billion for the quarter, compared to analysts' expectations of $2.78 billion. During the same quarter last year, the business earned $0.71 earnings per share. As a group, sell-side analysts forecast that TC Energy will post 3.02 EPS for the current year.

TC Energy Cuts Dividend

The business 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. This represents a $2.81 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy's dividend payout ratio (DPR) is currently 146.39%.

Analyst Ratings Changes

Several research analysts have issued reports on TRP shares. StockNews.com started coverage on TC Energy in a research note on Saturday, October 5th. They set a "hold" rating for the company. Morgan Stanley upgraded TC Energy from an "underweight" rating to an "overweight" rating in a report on Friday. JPMorgan Chase & Co. upgraded TC Energy from a "neutral" rating to an "overweight" rating in a report on Monday, October 14th. Barclays upgraded TC Energy from an "equal weight" rating to an "overweight" rating in a report on Wednesday, July 17th. Finally, Veritas upgraded TC Energy to a "strong sell" rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, TC Energy presently has an average rating of "Hold" and a consensus target price of $48.50.

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.