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

TC Energy Co. (NYSE:TRP - Get Free Report) TSE: TRP was the target of some unusual options trading activity on Wednesday. Investors bought 16,157 put options on the company. This is an increase of approximately 1,446% compared to the typical volume of 1,045 put options.

Institutional Investors Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BROOKFIELD Corp ON grew its holdings in shares of TC Energy by 31.6% during the fourth quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock worth $87,950,000 after purchasing an additional 454,011 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in TC Energy by 7.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 224,829 shares of the pipeline company's stock worth $10,463,000 after acquiring an additional 16,334 shares during the last quarter. AXA S.A. increased its position in TC Energy by 28.4% in the 4th quarter. AXA S.A. now owns 142,095 shares of the pipeline company's stock valued at $6,612,000 after acquiring an additional 31,441 shares in the last quarter. Cinctive Capital Management LP raised its position in TC Energy by 12.3% in the 4th quarter. Cinctive Capital Management LP now owns 194,133 shares of the pipeline company's stock worth $9,042,000 after purchasing an additional 21,243 shares during the last quarter. Finally, Guardian Partners Inc. bought a new position in TC Energy in the 4th quarter valued at $8,614,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Price Performance

Shares of TRP traded up $0.43 during trading hours on Thursday, hitting $50.02. The stock had a trading volume of 1,710,244 shares, compared to its average volume of 2,449,344. The stock has a market capitalization of $52.00 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 4.34 and a beta of 0.78. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23. The company's fifty day moving average is $49.26 and its two-hundred day moving average is $47.69. TC Energy has a 52 week low of $37.07 and a 52 week high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same quarter last year, the firm earned $1.02 earnings per share. On average, analysts anticipate that TC Energy will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a dividend of $0.6142 per share. The ex-dividend date is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 4.91%. TC Energy's dividend payout ratio (DPR) is presently 81.52%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Royal Bank of Canada lifted their price objective on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Veritas upgraded TC Energy from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Citigroup initiated coverage on TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating for the company. Finally, Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, TC Energy currently has a consensus rating of "Moderate Buy" and a consensus target price 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.