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

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the target of unusually large options trading activity on Wednesday. Stock traders bought 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 0.0 %

Shares of TRP opened at $47.78 on Thursday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31. TC Energy has a 52 week low of $31.83 and a 52 week high of $50.37. The firm has a market capitalization of $49.63 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 3.88 and a beta of 0.82. The business’s fifty day moving average price is $47.72 and its two-hundred day moving average price is $45.21.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. On average, analysts predict that TC Energy will post 3 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.88%. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio is currently 67.31%.

Hedge Funds Weigh In On TC Energy

Large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in shares of TC Energy by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in TC Energy by 156.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock valued at $321,778,000 after purchasing an additional 4,126,801 shares during the last quarter. Merewether Investment Management LP bought a new position in shares of TC Energy in the second quarter valued at about $112,618,000. Marshall Wace LLP grew its stake in TC Energy by 841.1% in the 2nd quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock valued at $77,349,000 after buying an additional 1,824,008 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of TC Energy during the third quarter worth $73,162,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on TRP. Veritas raised shares of TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. StockNews.com assumed coverage on TC Energy in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their price objective on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. Finally, BMO Capital Markets raised their price target on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, TC Energy presently has an average rating of “Hold” and a consensus price target of $55.67.

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.