Taking a look at what insiders are doing to gauge the TC Energy Corporation (TRP)’s direction


As published in a research note from CIBC on February 02, 2023, TC Energy Corporation [TRP] has been rated up from a Neutral to a Sector outperform. Analysts at Raymond James upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in early January. As of December 16, 2022, Wells Fargo has decreased its “an Equal weight” rating to a “an Underweight” for TRP. Earlier on May 12, 2022, CIBC upgraded its rating. Their new recommendation was “a Sector outperform” for TRP stock which previously was a “a Neutral”.

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Analyzing TRP Stock Performance

On Thursday, TC Energy Corporation [NYSE: TRP] rose 1.21% to $41.00. The stock’s lowest price that day was $40.43, but it reached a high of $41.06 in the same session. During the last five days, there has been a drop of approximately -3.05%. Over the course of the year, TC Energy Corporation shares have jumped approximately 2.86%. Shares of the company reached a 52-week high of $45.18 on 01/24/23 and a 52-week low of $38.35 on 01/05/23. A 50-day SMA is recorded $41.48, while a 200-day SMA reached $47.28. Nevertheless, trading volume fell to 1.8 million shares from 2.46 million shares the previous day.

Support And Resistance Levels for TC Energy Corporation (TRP)

According to the 24-hour chart, there is a support level at 40.60, which, if violated, would cause prices to drop to 40.20. In the upper region, resistance lies at 41.23. The next price resistance is at 41.46. RSI (Relative Strength Index) is 44.55 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.97, which suggests the price will decrease in the coming days. Percent R is at 68.97%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is TC Energy Corporation subject to short interest?

Stocks of TC Energy Corporation saw a sharp rise in short interest on Jan 12, 2023 jumping by 17.74 million shares to 33.51 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 15.77 million shares. A jump of 52.94% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 14.21 of the overall float, the days-to-cover ratio (short ratio) jumped to 14.21.

Which companies own the most shares of TC Energy Corporation (TRP)?

According to Capital Research & Management Co filings, the company currently owns 63,952,146 shares, which is about 6.40% of the total TRP shares outstanding. The investor’s shares have plunged by -6,395,079 from its previous 13-F filing of 70347225.0 shares. With the completion of the sale transaction, RBC Global Asset Management, Inc.’s stake is now worth $2,603,926,474. 1832 Asset Management LP reduced a -6.20% interest valued at $1.88 billion while TD Asset Management, Inc. purchased a 3,028,066 stake. A total of -1,544,941 shares of TC Energy Corporation were bought by RBC Dominion Securities, Inc. during the quarter, and -231,006 were sold by Capital Research & Management Co. In its current portfolio, Capital Research & Management Co holds 25,154,737 shares valued at $1.09 billion.

In terms of TC Energy Corporation share price expectations, FactSet research, analysts set an average price target of $45.23 in the next 12 months, up nearly 13.82% from the previous closing price of $40.51. Analysts anticipate TC Energy Corporation stock to reach $50.93 by 2023, with the lowest price target being $37.80. In spite of this, 22 analysts ranked TC Energy Corporation stock as a Hold at the end of 2023.


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