Traders 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 activity on Wednesday. Investors acquired 16,157 put options on the company. This represents an increase of 1,446% compared to the typical daily volume of 1,045 put options.

TC Energy Stock Up 1.0 %

NYSE:TRP opened at $38.84 on Friday. The stock has a 50-day simple moving average of $38.46 and a 200 day simple moving average of $38.69. TC Energy has a 52-week low of $32.51 and a 52-week high of $41.03. The company has a market cap of $38.84 billion, a PE ratio of 20.02, a PEG ratio of 3.11 and a beta of 0.79. 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 (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.09. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The company had revenue of $3.15 billion during the quarter, compared to analysts’ expectations of $3.12 billion. On average, sell-side analysts expect that TC Energy will post 3.01 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.84 annualized dividend and a yield of 7.31%. TC Energy’s payout ratio is presently 144.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its stake in shares of TC Energy by 42.5% during the 3rd quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock worth $234,719,000 after purchasing an additional 2,034,846 shares during the last quarter. American Century Companies Inc. increased its position in TC Energy by 58.5% during the third quarter. American Century Companies Inc. now owns 208,680 shares of the pipeline company’s stock worth $7,176,000 after buying an additional 77,040 shares during the last quarter. Citigroup Inc. raised its stake in TC Energy by 10.0% in the third quarter. Citigroup Inc. now owns 101,925 shares of the pipeline company’s stock valued at $3,521,000 after buying an additional 9,280 shares during the period. Headinvest LLC acquired a new stake in shares of TC Energy in the third quarter valued at approximately $110,000. Finally, Vanguard Group Inc. boosted its stake in shares of TC Energy by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 39,625,940 shares of the pipeline company’s stock worth $1,363,529,000 after acquiring an additional 1,344,000 shares during the period. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.