Stock traders buy large volume of put options on TC Energy (NYSE:TRP)
TC Energy Co. (NYSE: TRP – Get a rating) (TSE:TRP) was the target of unusual options trading activity on Wednesday. Traders bought 16,157 put options on the stock. This represents an increase of approximately 1,446% from the typical volume of 1,045 put options.
TC Energy shares down 0.1%
NYSE: TRP opened at $42.46 on Thursday. The company has a market capitalization of $42.97 billion, a PE ratio of 16.78, a P/E/G ratio of 3.14 and a beta of 0.81. TC Energy has a 12-month low of $39.11 and a 12-month high of $59.38. The company has a current ratio of 0.64, a quick ratio of 0.57 and a debt ratio of 1.65. The company’s 50-day moving average is $46.17 and its two-hundred-day moving average is $51.62.
TC Energy (NYSE: TRP – Get a rating) (TSE:TRP) last released its results on Thursday, July 28. The pipeline company reported earnings per share of $0.78 for the quarter, beating the consensus estimate of $0.77 by $0.01. The company posted revenue of $2.85 billion for the quarter, versus a consensus estimate of $2.62 billion. TC Energy had a net margin of 23.44% and a return on equity of 14.19%. Analysts expect TC Energy to post EPS of 3.22 for the current year.
TC Energy cuts its dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31. Shareholders of record on Friday, September 30 will receive a dividend of $0.699 per share. This represents an annualized dividend of $2.80 and a yield of 6.59%. The ex-date of this dividend is Thursday, September 29. TC Energy’s payout ratio is 103.95%.
Wall Street analysts predict growth
Several equity research analysts have recently commented on the stock. BMO Capital Markets cut its price target on TC Energy shares from C$76.00 to C$72.00 in a Thursday, August 11 report. Barclays cut its price target on TC Energy shares from C$67.00 to C$65.00 in a report on Wednesday. Royal Bank of Canada cut its price target on TC Energy shares from C$79.00 to C$78.00 in a report released Tuesday, August 2. Scotiabank cut its price target on TC Energy shares from C$78.00 to C$76.00 in a Friday, July 29 report. To finish, StockNews.com launched a hedge on TC Energy shares in a report on Wednesday, October 12. They issued a “hold” rating for the company. Three investment analysts gave the stock a sell rating, five gave the stock a hold rating and four gave the stock a buy rating. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Hold” and a consensus target price of $68.67.
TC Energy Institutional Trading
Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors increased its stake in TC Energy by 66.3% in the 1st quarter. Capital World Investors now owns 56,475,561 shares of the pipeline company valued at $3,185,453,000 after acquiring an additional 22,507,712 shares during the period. Capital Research Global Investors increased its stake in TC Energy by 3.1% in the 1st quarter. Capital Research Global Investors now owns 40,904,876 shares of the pipeline company valued at $2,307,088,000 after acquiring an additional 1,225,016 shares during the period. Vanguard Group Inc. increased its stake in TC Energy by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 33,256,822 shares of the pipeline company valued at $1,876,349,000 after acquiring an additional 993,965 shares during the period. The Bank of Nova Scotia increased its stake in TC Energy by 32.9% during the 1st quarter. The Bank of Nova Scotia now owns 22,350,592 shares of the pipeline company valued at $1,260,463,000 after acquiring an additional 5,528,468 shares during the period. Finally, Mackenzie Financial Corp increased its stake in TC Energy by 1.5% during the third quarter. Mackenzie Financial Corp now owns 16,994,536 shares of the pipeline company valued at $683,763,000 after acquiring an additional 255,377 shares during the period. 70.14% of the shares are currently held by institutional investors and hedge funds.
About TC Energy
TC Energy Corporation is an energy infrastructure company in North America. It operates through five segments: Canadian Gas Pipelines; American gas pipelines; Mexican gas pipelines; Liquid pipelines; and power and storage. The company builds and operates a 93,300 km natural gas pipeline network, which transports natural gas from supply basins to local distribution companies, power plants, industrial facilities, interconnecting pipelines, export terminals LNG and other companies.
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