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

Key Points

• ATB Cormark raised its price target on TC Energy from C$82 to C$87 while keeping a "sector perform" rating, a target that implies roughly a 3.33% downside from the prior close.
• Market consensus remains a "Hold" with a consensus target of C$87.46 (six Buy, eight Hold); notable analyst moves include Scotiabank raising its target to C$93/outperform and CIBC upgrading to sector outperform with a C$89 target.
• Shares traded at C$90.00 (down 0.7%) with a market cap of C$93.76B and a 52‑week range of C$63.34–C$91.50; the company reported Q EPS of C$0.99 on C$3.86B revenue, and an insider sold 25,342 shares at C$88.73.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP had its price objective hoisted by equities research analysts at ATB Cormark Capital Markets from C$82.00 to C$87.00 in a research report issued on Monday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. ATB Cormark Capital Markets' price target points to a potential downside of 3.33% from the stock's previous close.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group upgraded TC Energy from a "sell" rating to a "hold" rating and set a C$62.00 price objective for the company in a research report on Sunday, April 19th. National Bank Financial lifted their price target on TC Energy from C$85.00 to C$86.00 and gave the company a "hold" rating in a report on Tuesday, February 17th. Scotiabank lifted their price target on TC Energy from C$86.00 to C$93.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. TD Securities lowered TC Energy from a "buy" rating to a "hold" rating and lifted their price target for the company from C$84.00 to C$88.00 in a report on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce upgraded TC Energy from a "neutral" rating to a "sector outperform" rating and lifted their price target for the company from C$85.00 to C$89.00 in a report on Thursday, April 23rd. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of C$87.46.

TC Energy Stock Down 0.7%

TSE TRP traded down C$0.63 during trading on Monday, reaching C$90.00. 1,053,579 shares of the company's stock were exchanged, compared to its average volume of 5,771,738. TC Energy has a fifty-two week low of C$63.34 and a fifty-two week high of C$91.50. The firm has a market capitalization of C$93.76 billion, a PE ratio of 27.52, a P/E/G ratio of 1.69 and a beta of 0.76. The company has a current ratio of 0.65, a quick ratio of 0.40 and a debt-to-equity ratio of 224.52. The company's fifty day simple moving average is C$86.66 and its 200-day simple moving average is C$79.81.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP last announced its quarterly earnings data on Friday, May 1st. The company reported C$0.99 EPS for the quarter. TC Energy had a return on equity of 12.53% and a net margin of 21.83%.The firm had revenue of C$3.86 billion during the quarter. Sell-side analysts predict that TC Energy will post 3.5490515 EPS for the current year.

Insider Buying and Selling at TC Energy

In related news, insider Dawn Elizabeth De Lima sold 25,342 shares of the firm's stock in a transaction that occurred on Tuesday, March 24th. The stock was 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 trade represents a 57.82% decrease in their position. 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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