Traders Buy Large Volume of TC Energy Put Options (NYSE:TRP)

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

TC Energy Stock Down 9.0 %

Shares of NYSE TRP opened at $44.04 on Thursday. The business has a fifty day moving average of $45.05 and a two-hundred day moving average of $40.74. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. TC Energy has a 52-week low of $32.51 and a 52-week high of $48.42. The stock has a market cap of $44.04 billion, a PE ratio of 22.70, a PEG ratio of 3.80 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. During the same period in the previous year, the business earned $0.71 earnings per share. As a group, equities research analysts expect that TC Energy will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a yield of 6.38%. TC Energy’s dividend payout ratio (DPR) is presently 146.39%.

Institutional Investors Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of TRP. Corient Private Wealth LLC increased its stake in shares of TC Energy by 25.3% in the fourth quarter. Corient Private Wealth LLC now owns 18,832 shares of the pipeline company’s stock valued at $736,000 after buying an additional 3,808 shares in the last quarter. Campbell & CO Investment Adviser LLC boosted its position in TC Energy by 21.9% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 11,317 shares of the pipeline company’s stock valued at $442,000 after buying an additional 2,032 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of TC Energy by 510.8% in the 4th quarter. Jones Financial Companies Lllp now owns 1,417 shares of the pipeline company’s stock valued at $55,000 after buying an additional 1,185 shares during the period. Capital International Investors raised its position in shares of TC Energy by 11.8% during the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock worth $2,155,419,000 after acquiring an additional 5,822,056 shares during the last quarter. Finally, Capital International Sarl boosted its holdings in TC Energy by 8.6% in the fourth quarter. Capital International Sarl now owns 278,235 shares of the pipeline company’s stock valued at $10,906,000 after acquiring an additional 22,044 shares during the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday. Finally, StockNews.com started coverage on shares of TC Energy in a research note on Friday, September 27th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $43.50.

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.