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

TC Energy Co. (NYSE:TRP) (TSE:TRP) saw some unusual options trading on Wednesday. Stock investors bought 16,157 put options on the company. This is an increase of 1,446% compared to the average volume of 1,045 put options.

TC Energy Stock Performance

Shares of TRP opened at $44.34 on Friday. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The firm’s 50 day moving average is $45.11 and its 200-day moving average is $40.77. TC Energy has a 12-month low of $32.51 and a 12-month high of $48.42. The stock has a market capitalization of $44.34 billion, a P/E ratio of 22.86, a P/E/G ratio of 3.80 and a beta of 0.81.

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

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a dividend yield of 6.33%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio is 146.39%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of recent analyst reports. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com started coverage on TC Energy in a report on Friday, September 27th. They set a “hold” rating on the stock. Finally, UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, TC Energy currently has a consensus rating of “Hold” and a consensus target price of $43.50.

Hedge Funds Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. EdgeRock Capital LLC purchased a new stake in TC Energy during the second quarter valued at about $25,000. Creekmur Asset Management LLC acquired a new stake in shares of TC Energy during the fourth quarter valued at approximately $27,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of TC Energy by 138.8% in 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 in the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in shares of TC Energy in the 4th quarter valued at approximately $31,000. Finally, Mather Group LLC. purchased a new position in TC Energy during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds 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.