CIBC Downgrades TC Energy (TSE:TRP) to Neutral

TC Energy (TSE:TRP) (NYSE:TRP) was downgraded by analysts at CIBC from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday,BayStreet.CA reports. They currently have a C$77.00 target price on the stock, up from their previous target price of C$76.00. CIBC’s price objective suggests a potential upside of 4.15% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. US Capital Advisors cut shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research note on Thursday, August 21st. National Bankshares boosted their price target on shares of TC Energy from C$75.00 to C$76.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Barclays boosted their price target on shares of TC Energy from C$74.00 to C$75.00 in a research report on Thursday, August 14th. Jefferies Financial Group lowered their price target on shares of TC Energy from C$71.00 to C$68.00 in a research report on Wednesday, July 23rd. Finally, Citigroup set a C$75.00 price target on shares of TC Energy and gave the company a “neutral” rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, TC Energy currently has a consensus rating of “Moderate Buy” and an average price target of C$74.54.

TC Energy Price Performance

TC Energy stock opened at C$73.93 on Thursday. The company’s fifty day moving average price is C$72.00 and its 200 day moving average price is C$68.88. TC Energy has a 1 year low of C$61.96 and a 1 year high of C$77.26. The stock has a market capitalization of C$76.86 billion, a P/E ratio of 18.12, a P/E/G ratio of 1.69 and a beta of 0.84. The company has a debt-to-equity ratio of 237.62, a quick ratio of 0.40 and a current ratio of 1.31.

Insider Activity

In related news, Director Siim A. Vanaselja sold 40,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of C$70.07, for a total value of C$2,802,640.00. Following the sale, the director directly owned 12,000 shares in the company, valued at approximately C$840,792. The trade was a 76.92% decrease in their position. Also, Director Francois Lionel Poirier sold 53,946 shares of the business’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of C$70.49, for a total transaction of C$3,802,669.72. Following the completion of the sale, the director owned 113,550 shares in the company, valued at approximately C$8,004,173.57. This trade represents a 32.21% decrease in their ownership of the stock. 0.03% of the stock is currently owned by insiders.

TC Energy Company Profile

TC Energy Corp operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. Its pipeline network consists of over 92,600 kilometers (57,500 miles) of natural gas pipeline, along with 4,900 kilometers (3,000) miles) from the Keystone Pipeline system.