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

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

Hedge Funds Weigh In On TC Energy

A number of large investors have recently modified their holdings of the business. Manhattan West Asset Management LLC acquired a new stake in shares of TC Energy in the 3rd quarter valued at approximately $201,000. CIBC Bancorp USA Inc. acquired a new position in TC Energy during the third quarter worth $21,107,000. Greenline Partners LLC raised its position in TC Energy by 3.4% in the third quarter. Greenline Partners LLC now owns 314,303 shares of the pipeline company’s stock worth $17,101,000 after acquiring an additional 10,336 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in TC Energy by 2.6% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,161,633 shares of the pipeline company’s stock valued at $61,639,000 after acquiring an additional 29,908 shares during the period. Finally, Wiser Advisor Group LLC purchased a new stake in shares of TC Energy during the 3rd quarter worth $393,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRP has been the topic of a number of research reports. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a research note on Friday, November 7th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Cibc Captl Mkts upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Barclays reiterated an “overweight” rating on shares of TC Energy in a research note on Tuesday, October 14th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of TC Energy in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

TC Energy Stock Performance

Shares of TRP opened at $54.02 on Friday. The stock has a market capitalization of $56.22 billion, a P/E ratio of 18.44, a P/E/G ratio of 4.82 and a beta of 0.73. 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 has a 1 year low of $43.51 and a 1 year high of $55.37. The company’s fifty day moving average is $52.77 and its two-hundred day moving average is $50.70.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter last year, the business earned $1.03 EPS. On average, sell-side analysts predict that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $3.40 dividend on an annualized basis and a yield of 6.3%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio is presently 103.88%.

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.