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

TC Energy Corporation (NYSE:TRP) (TSE:TRP) was the recipient of some unusual options trading on Wednesday. Investors purchased 16,157 put options on the stock. Thisisanincreaseof1,446% compared to the average daily volume of 1,045 put options.

TC Energy Trading Up 1.2%

Shares of TRP opened at $51.8180 on Thursday. The business has a 50-day moving average of $48.50 and a 200 day moving average of $48.21. TC Energy has a fifty-two week low of $40.00 and a fifty-two week high of $52.10. The firm has a market cap of $53.89 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 4.90 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping 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 analyst estimates of $2.56 billion. During the same quarter last year, the firm posted $0.79 EPS. As a group, research analysts forecast that TC Energy will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 29th. This is a boost from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s payout ratio is presently 85.32%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board grew its holdings in TC Energy by 2,573.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock valued at $130,600,000 after buying an additional 2,580,300 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in TC Energy by 7.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 49,268 shares of the pipeline company’s stock valued at $2,404,000 after buying an additional 3,550 shares in the last quarter. Corient Private Wealth LLC grew its holdings in TC Energy by 92.2% during the 2nd quarter. Corient Private Wealth LLC now owns 57,116 shares of the pipeline company’s stock valued at $2,786,000 after buying an additional 27,392 shares in the last quarter. Ewing Morris & Co. Investment Partners Ltd. grew its holdings in TC Energy by 0.6% during the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 37,962 shares of the pipeline company’s stock valued at $1,873,000 after buying an additional 234 shares in the last quarter. Finally, BROOKFIELD Corp ON purchased a new position in TC Energy during the 2nd quarter valued at about $78,443,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on TRP. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research report on Thursday, August 14th. Cibc World Mkts raised TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 2nd. Finally, CIBC raised TC Energy from a “neutral” rating to a “sector outperform” rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.00.

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.