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

TC Energy Co. (NYSE:TRP) (TSE:TRP) saw some unusual options trading on Wednesday. Investors purchased 16,157 put options on the company. This is an increase of approximately 1,446% compared to the typical daily volume of 1,045 put options.

Institutional Trading of TC Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canoe Financial LP grew its position in shares of TC Energy by 781.8% in the 4th quarter. Canoe Financial LP now owns 704,176 shares of the pipeline company’s stock valued at $27,526,000 after buying an additional 624,316 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of TC Energy by 15.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,109,055 shares of the pipeline company’s stock worth $81,599,000 after purchasing an additional 278,886 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of TC Energy by 29,994.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 309,376 shares of the pipeline company’s stock worth $12,094,000 after purchasing an additional 308,348 shares in the last quarter. Addenda Capital Inc. lifted its holdings in shares of TC Energy by 2.5% in the 4th quarter. Addenda Capital Inc. now owns 1,089,146 shares of the pipeline company’s stock valued at $42,575,000 after purchasing an additional 26,711 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its position in shares of TC Energy by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 1,302,358 shares of the pipeline company’s stock valued at $52,355,000 after purchasing an additional 22,430 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Price Performance

Shares of TRP opened at $38.46 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.64. The firm’s fifty day simple moving average is $38.41 and its 200-day simple moving average is $38.69. The firm has a market capitalization of $38.46 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 3.11 and a beta of 0.79. TC Energy has a twelve month low of $32.51 and a twelve month high of $41.03.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. TC Energy had a return on equity of 17.94% and a net margin of 17.23%. The company had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $3.12 billion. Equities analysts forecast that TC Energy will post 3.01 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 annualized dividend and a yield of 7.38%. TC Energy’s dividend payout ratio is currently 144.85%.

Wall Street Analysts Forecast Growth

Separately, TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, TC Energy 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.