As published in their initiating research note from Jefferies on February 27, 2024, TC Energy Corporation [TRP] has been a Hold. Analysts at Stifel started covering the stock with ‘”a Buy”‘ outlook in a report released in mid January. As of October 25, 2023, Wells Fargo has increased its “an Equal weight” rating to a “an Overweight” for TRP. Earlier on October 17, 2023, Wolfe Research upgraded its rating. Their new recommendation was “a Peer perform” for TRP stock which previously was a “an Underperform”.
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Analyzing TRP Stock Performance
During the last five days, there has been a drop of approximately -1.07%. Over the course of the year, TC Energy Corporation shares have jumped approximately 1.41%. Shares of the company reached a 52-week high of $41.03 on 03/13/24 and a 52-week low of $37.19 on 02/13/24. A 50-day SMA is recorded $39.41, while a 200-day SMA reached $37.74. Nevertheless, trading volume fell to 9.98 million shares from 5.36 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 39.11, which, if violated, would cause prices to drop to 38.57. In the upper region, resistance lies at 39.99. The next price resistance is at 40.33. RSI (Relative Strength Index) is 44.77 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.17, which suggests the price will decrease in the coming days. Percent R is at 65.88%, 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 Feb 29, 2024 jumping by 4.64 million shares to 23.04 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 18.4 million shares. A jump of 20.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 8.67 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.67.
