Canadian Imperial Bank of Commerce Upgrades TC Energy (TSE:TRP) to “Sector Outperform”

TC Energy (TSE:TRP) (NYSE:TRP) was upgraded by equities research analysts at Canadian Imperial Bank of Commerce from a “neutral” rating to a “sector outperform” rating in a research report issued on Thursday, Marketbeat reports. The brokerage presently has a C$89.00 price objective on the stock, up from their prior price objective of C$85.00. Canadian Imperial Bank of Commerce’s price target would suggest a potential upside of 4.97% from the company’s previous close.

Several other brokerages also recently issued reports on TRP. Jefferies Financial Group boosted their target price on shares of TC Energy from C$80.00 to C$88.00 in a research note on Tuesday, February 17th. ATB Cormark Capital Markets boosted their target price on shares of TC Energy from C$73.00 to C$80.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 17th. Raymond James Financial boosted their target price on shares of TC Energy from C$74.00 to C$78.00 in a research note on Monday, March 30th. National Bank Financial boosted their target price on shares of TC Energy from C$85.00 to C$86.00 and gave the company a “hold” rating in a research note on Tuesday, February 17th. Finally, The Goldman Sachs Group raised shares of TC Energy from a “sell” rating to a “hold” rating and set a C$62.00 target price on the stock in a research note on Sunday, April 19th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of C$84.67.

TC Energy Price Performance

Shares of TSE:TRP opened at C$84.79 on Thursday. The company’s fifty day moving average is C$86.50 and its two-hundred day moving average is C$79.38. The company has a quick ratio of 0.40, a current ratio of 0.63 and a debt-to-equity ratio of 223.25. TC Energy has a 12-month low of C$63.34 and a 12-month high of C$90.27. The company has a market cap of C$88.33 billion, a P/E ratio of 25.93, a price-to-earnings-growth ratio of 1.69 and a beta of 0.72.

TC Energy (TSE:TRP) (NYSE:TRP) last announced its earnings results on Friday, February 13th. The company reported C$0.98 earnings per share (EPS) for the quarter. TC Energy had a net margin of 23.23% and a return on equity of 12.80%. The company had revenue of C$4.17 billion for the quarter. Equities analysts expect that TC Energy will post 3.5490515 earnings per share for the current fiscal year.

Insider Buying and Selling at TC Energy

In other news, insider Dawn Elizabeth De Lima sold 25,342 shares of the company’s stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of C$88.73, for a total value of C$2,248,595.66. Following the transaction, the insider directly owned 18,490 shares of the company’s stock, valued at approximately C$1,640,617.70. This represents a 57.82% decrease in their ownership of the stock. Company insiders own 0.03% of the company’s stock.

About TC Energy

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. The company also owns or has interests in 11 power-generation facilities with a capacity of 6,600 megawatts.