Stock Traders Buy High Volume of Put Options on TC Energy (NYSE:TRP)

by · The Markets Daily

TC Energy Corporation (NYSE:TRP – Get Free Report) (TSE:TRP) was the recipient of unusually large options trading activity on Wednesday. Traders bought 16,157 put options on the company. This is an increase of approximately 1,446% compared to the typical volume of 1,045 put options.

Institutional Trading of TC Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. New Hampshire Trust increased its position in TC Energy by 14.0% during the 3rd quarter. New Hampshire Trust now owns 10,259 shares of the pipeline company’s stock valued at $558,000 after purchasing an additional 1,258 shares during the period. Burney Co. acquired a new stake in TC Energy during the 3rd quarter valued at approximately $2,115,000. CWM LLC increased its position in TC Energy by 22.1% during the 3rd quarter. CWM LLC now owns 3,848 shares of the pipeline company’s stock valued at $209,000 after purchasing an additional 697 shares during the period. Private Trust Co. NA increased its position in TC Energy by 8.8% during the 3rd quarter. Private Trust Co. NA now owns 5,989 shares of the pipeline company’s stock valued at $326,000 after purchasing an additional 485 shares during the period. Finally, Value Partners Investments Inc. increased its position in TC Energy by 69.2% during the 3rd quarter. Value Partners Investments Inc. now owns 9,801 shares of the pipeline company’s stock valued at $533,000 after purchasing an additional 4,010 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Stock Performance

TC Energy stock opened at $51.47 on Friday. The business has a 50 day moving average of $52.23 and a 200-day moving average of $49.89. TC Energy has a 1 year low of $43.51 and a 1 year high of $55.37. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The company has a market capitalization of $53.54 billion, a P/E ratio of 17.57, a P/E/G ratio of 4.85 and a beta of 0.75.

TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last released its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. On average, equities research analysts predict that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a dividend of $0.6148 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s payout ratio is currently 84.30%.

Analysts Set New Price Targets

A number of research firms have recently commented on TRP. Cibc World Mkts cut shares of TC Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Wall Street Zen cut shares of TC Energy from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a report on Wednesday, October 8th. Barclays reissued an “overweight” rating on shares of TC Energy in a report on Tuesday. Finally, US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

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About TC Energy

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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.

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