Investors Purchase 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 activity on Wednesday. Stock investors purchased 16,157 put options on the company. This is an increase of 1,446% compared to the average daily volume of 1,045 put options.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.73 on Thursday, reaching $63.47. The company’s stock had a trading volume of 913,166 shares, compared to its average volume of 2,429,118. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.63 and a quick ratio of 0.56. The stock has a market capitalization of $66.09 billion, a P/E ratio of 27.31 and a beta of 0.72. The stock’s 50-day moving average is $58.44 and its two-hundred day moving average is $54.80. TC Energy has a 52-week low of $43.59 and a 52-week high of $65.57.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, February 13th. The pipeline company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter last year, the business earned $1.05 EPS. As a group, sell-side analysts forecast that TC Energy will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a yield of 5.5%. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Tuesday, March 31st. TC Energy’s dividend payout ratio is currently 106.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Royal Bank Of Canada boosted their target price on shares of TC Energy from $84.00 to $92.00 and gave the stock an “outperform” rating in a report on Tuesday, February 17th. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Raymond James Financial upgraded shares of TC Energy to a “hold” rating in a report on Tuesday, February 17th. Wells Fargo & Company restated an “overweight” rating on shares of TC Energy in a report on Monday, February 16th. Finally, Canadian Imperial Bank of Commerce lowered shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Hold” and an average price target of $72.50.

Hedge Funds Weigh In On TC Energy

A number of institutional investors have recently modified their holdings of the company. Pacifica Partners Inc. raised its stake in TC Energy by 14.0% during the third quarter. Pacifica Partners Inc. now owns 1,625 shares of the pipeline company’s stock worth $87,000 after purchasing an additional 200 shares during the period. Mesirow Financial Investment Management Inc. grew its stake in shares of TC Energy by 2.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,991 shares of the pipeline company’s stock valued at $544,000 after acquiring an additional 200 shares in the last quarter. Gold Investment Management Ltd. increased its holdings in TC Energy by 2.0% during the 4th quarter. Gold Investment Management Ltd. now owns 9,964 shares of the pipeline company’s stock worth $549,000 after purchasing an additional 200 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of TC Energy by 2.8% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 7,342 shares of the pipeline company’s stock worth $399,000 after purchasing an additional 202 shares during the last quarter. Finally, Kennebec Savings Bank raised its position in shares of TC Energy by 2.1% during the 4th quarter. Kennebec Savings Bank now owns 9,854 shares of the pipeline company’s stock valued at $542,000 after acquiring an additional 203 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.