TC Energy Climbs While Short Sellers Step Back

TC Energy Corporation runs one of North America's largest natural gas pipeline networks, and right now its shares and its short book are moving in opposite directions. The stock closed at CAD 90.16 on Friday, up 3.3% on the week, outpacing a median weekly gain of around 1.3% for its closest pipeline peers.

Short interest has dropped to its lowest level in at least a year. Shorts held roughly 12.1 million shares as of October 29, equal to just 1.2% of the free float, down from 14.2 million shares in mid-October. That retreat in short positioning coincides with the stock's best monthly run in some time: TRP is up about 9% over the past month. The borrow market reflects how little conviction remains on the short side. Availability is extremely wide at nearly 2,476% of short interest, meaning there are close to 487 million shares sitting available in the lending pool against a comparatively small short book. Cost to borrow is nominal at 1.17%, and the ORTEX short score has drifted lower all week, from 30.5 on October 23 to 30.0 by the end of the week, pointing away from any building short pressure.

Among its closest peers, Enbridge gained 2.6% on the week and Pembina Pipeline added 1.8%, while US-listed Kinder Morgan fell 1.6%. Williams Companies managed a 3.7% weekly advance, narrowly beating TRP. The Canadian midstream names broadly moved together, suggesting the week's gains were driven more by sector flows than any TRP-specific catalyst.

The analyst community has a mean price target of CAD 100.05, roughly 11% above the current price, though no recent rating changes are on record. On valuation, the stock trades at a price-to-earnings multiple of about 23.2 and an EV/EBITDA of 13.5, both of which have drifted higher over the past month as the share price has run. The EV/EBIT factor score ranks in just the 16th percentile, a reminder that the pipeline sector's capital intensity keeps earnings multiples elevated relative to the broader market. The dividend score ranks in the 60th percentile, consistent with TRP's long-standing yield appeal to income investors, though the dividend history in the data extends only to 2022 and cannot be treated as current.

Institutional ownership is broad and stable. Capital Research and Management Company holds roughly 5.3% of shares, with Vanguard and BMO Asset Management each near 3.6% to 3.8%. The activist register carries no 13D filers. Schedule 13G disclosures show Goldman Sachs reduced its disclosed stake from 8.4% to 2.4% as of January 2026, and Bank of Montreal trimmed from 5.75% to 3.38% as of August 2026. These are passive-holder filings around the 5% threshold and, as is standard for 13D/G disclosures, positions may have changed further since each filing date.

The company reports third-quarter results on November 5. The last quarterly print, in late July, produced a one-day move of just -0.2%, though the stock drifted 5.3% lower over the following five days. With short interest at a multi-month low and the borrow market fully relaxed, the earnings release is the next concrete test of whether the recent price strength has fundamental support.