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

TC Energy Co. (NYSE:TRP) (TSE:TRP) was the target of some unusual options trading on Wednesday. Stock investors purchased 16,157 put options on the stock. This is an increase of approximately 1,446% compared to the average volume of 1,045 put options.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TheStreet lowered TC Energy from a “c” rating to a “d+” rating in a research note on Wednesday, November 8th. National Bank Financial upgraded TC Energy from a “sector perform” rating to an “outperform” rating in a report on Friday, July 28th. Wolfe Research upgraded TC Energy from an “underperform” rating to a “peer perform” rating in a report on Tuesday, October 17th. StockNews.com initiated coverage on TC Energy in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group initiated coverage on TC Energy in a report on Thursday, October 5th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, TC Energy currently has a consensus rating of “Hold” and an average price target of $55.17.

TC Energy Stock Up 0.5 %

Shares of TC Energy stock opened at $36.57 on Thursday. TC Energy has a 1 year low of $32.51 and a 1 year high of $49.51. The business has a 50-day moving average of $35.33 and a two-hundred day moving average of $37.59. The company has a market capitalization of $37.94 billion, a P/E ratio of -609.50, a price-to-earnings-growth ratio of 3.26 and a beta of 0.82. The company has a debt-to-equity ratio of 43.25, a current ratio of 0.86 and a quick ratio of 0.75.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Wednesday, November 8th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. TC Energy had a return on equity of 18.19% and a net margin of 0.10%. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.76 billion. As a group, equities analysts predict that TC Energy will post 2.76 EPS for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be issued a dividend of $0.67 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 7.33%. TC Energy’s payout ratio is presently -4,583.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TRP. Morgan Stanley boosted its position in TC Energy by 42.5% during the third quarter. Morgan Stanley now owns 6,821,231 shares of the pipeline company’s stock valued at $234,719,000 after purchasing an additional 2,034,846 shares during the last quarter. Toroso Investments LLC acquired a new position in TC Energy during the third quarter valued at approximately $209,000. Scotia Capital Inc. boosted its position in TC Energy by 8.5% during the third quarter. Scotia Capital Inc. now owns 7,981,871 shares of the pipeline company’s stock valued at $274,205,000 after purchasing an additional 623,982 shares during the last quarter. JPMorgan Chase & Co. boosted its position in TC Energy by 4.6% during the third quarter. JPMorgan Chase & Co. now owns 8,070,536 shares of the pipeline company’s stock valued at $277,707,000 after purchasing an additional 352,829 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in TC Energy by 3.5% during the third quarter. Legal & General Group Plc now owns 9,725,714 shares of the pipeline company’s stock valued at $335,992,000 after purchasing an additional 328,795 shares during the last quarter. 73.67% of the stock is currently owned by institutional investors.

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 93,700 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.