TC Energy Sees Unusually Large Options Volume (NYSE:TRP)

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the recipient of unusually large options trading on Wednesday. Investors acquired 16,157 put options on the company. This represents an increase of approximately 1,446% compared to the average volume of 1,045 put options.

Institutional Investors Weigh In On TC Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EdgeRock Capital LLC bought a new position in shares of TC Energy in the fourth quarter worth $25,000. Creekmur Asset Management LLC purchased a new stake in shares of TC Energy in the 4th quarter valued at about $27,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new position in shares of TC Energy during the fourth quarter worth about $31,000. Finally, Mather Group LLC. bought a new position in shares of TC Energy in the second quarter worth approximately $33,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

Shares of NYSE TRP opened at $46.55 on Thursday. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57. The stock has a fifty day simple moving average of $42.06 and a two-hundred day simple moving average of $39.81. TC Energy has a 1-year low of $32.51 and a 1-year high of $46.69. The firm has a market cap of $48.30 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 3.78 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the firm posted $0.71 EPS. Analysts anticipate that TC Energy will post 3.06 earnings per share 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 paid a $0.702 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 6.03%. TC Energy’s dividend payout ratio is currently 144.85%.

Analysts Set New Price Targets

Separately, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $44.67.

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.