ATB Cormark Capital Markets Forecasts Strong Price Appreciation for TC Energy (TSE:TRP) Stock

Key Points

• ATB Cormark Capital Markets raised its price target on TC Energy from C$80 to C$82 and kept an "outperform" rating; that target implies roughly a 1.6% downside from the stock's current price.
• Analyst views are mixed — Citigroup lifted its target to C$95 (neutral) and CIBC upgraded to outperform with a C$89 target — while MarketBeat's consensus is a Hold rating with an average target of C$84.67 (six Buys, seven Holds).
• TRP traded at C$83.33 (up C$1.21) with a market cap of C$86.8B and a P/E of 25.48, and insider Dawn Elizabeth De Lima sold 25,342 shares for about C$2.25M, leaving insiders owning 0.03%.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP had its price target lifted by stock analysts at ATB Cormark Capital Markets from C$80.00 to C$82.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. ATB Cormark Capital Markets' target price would suggest a potential downside of 1.60% from the stock's current price.

Several other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "hold" rating and set a C$62.00 price target on the stock in a research note on Sunday. Citigroup lifted their price target on shares of TC Energy from C$86.00 to C$95.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 31st. Canadian Imperial Bank of Commerce raised shares of TC Energy from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from C$85.00 to C$89.00 in a research note on Thursday. Jefferies Financial Group lifted their price target on shares of TC Energy from C$80.00 to C$88.00 in a research note on Tuesday, February 17th. Finally, Raymond James Financial raised their price target on shares of TC Energy from C$74.00 to C$78.00 in a research report on Monday, March 30th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of C$84.67.

TC Energy Stock Up 1.5%

TRP traded up C$1.21 during trading hours on Thursday, reaching C$83.33. 1,158,302 shares of the stock traded hands, compared to its average volume of 5,579,973. TC Energy has a fifty-two week low of C$63.34 and a fifty-two week high of C$90.27. The company has a market cap of C$86.81 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.69 and a beta of 0.72. The company has a debt-to-equity ratio of 223.25, a current ratio of 0.63 and a quick ratio of 0.40. The firm's fifty day simple moving average is C$86.54 and its two-hundred day simple moving average is C$79.29.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP last released its quarterly 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 firm had revenue of C$4.17 billion for the quarter. As a group, analysts forecast that TC Energy will post 3.5490515 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Dawn Elizabeth De Lima sold 25,342 shares of TC Energy 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 completion of the sale, the insider owned 18,490 shares in the company, valued at approximately C$1,640,617.70. The trade was 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.

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