Investors Purchase High Volume of TC Energy Put Options (NYSE:TRP)

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the target of some unusual options trading on Wednesday. Stock traders acquired 16,157 put options on the stock. This is an increase of 1,446% compared to the average volume of 1,045 put options.

TC Energy Trading Down 1.7 %

Shares of TRP stock opened at $38.53 on Thursday. The company has a market cap of $38.53 billion, a P/E ratio of 19.86, a PEG ratio of 3.25 and a beta of 0.79. The stock has a 50 day simple moving average of $37.92 and a two-hundred day simple moving average of $38.77. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.85 and a current ratio of 0.94. TC Energy has a fifty-two week low of $32.51 and a fifty-two week high of $41.03.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a return on equity of 17.94% and a net margin of 17.23%. The business had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $3.12 billion. Research analysts forecast that TC Energy will post 3.01 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 dividend on an annualized basis and a yield of 7.37%. TC Energy’s dividend payout ratio (DPR) is presently 145.88%.

Analysts Set New Price Targets

Separately, TheStreet upgraded TC Energy from a “c+” rating to a “b-” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.83.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TRP. Stifel Financial Corp boosted its position in shares of TC Energy by 4.9% during the third quarter. Stifel Financial Corp now owns 354,345 shares of the pipeline company’s stock valued at $12,193,000 after buying an additional 16,641 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of TC Energy by 65.5% in the third quarter. Tower Research Capital LLC TRC now owns 22,869 shares of the pipeline company’s stock valued at $787,000 after buying an additional 9,048 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new stake in shares of TC Energy in the third quarter valued at $3,072,000. Schonfeld Strategic Advisors LLC raised its stake in shares of TC Energy by 80.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 73,700 shares of the pipeline company’s stock valued at $2,536,000 after purchasing an additional 32,900 shares during the period. Finally, Blackstone Inc. raised its stake in shares of TC Energy by 540.4% during the 3rd quarter. Blackstone Inc. now owns 3,117,031 shares of the pipeline company’s stock valued at $107,257,000 after purchasing an additional 2,630,324 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.

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.