Canadian Imperial Bank of Commerce Issues Positive Forecast for TC Energy (TSE:TRP) Stock Price

Key Points

• Canadian Imperial Bank of Commerce raised its price objective on TC Energy from C$89.00 to C$94.00, implying roughly a 4.44% upside from the stock's current price.
• Several other firms have also lifted targets (RBC C$95 outperform, Scotiabank C$93 outperform, Goldman Sachs moved to hold), but MarketBeat's consensus remains a Hold with a consensus target of C$87.46.
• TRP traded at C$90 (down 0.7%) and last reported quarterly EPS of C$0.99 on C$3.86 billion revenue with a PE of 27.52 and market cap of C$93.76 billion, while an insider sold 25,342 shares earlier in the year.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP had its price objective boosted by equities researchers at Canadian Imperial Bank of Commerce from C$89.00 to C$94.00 in a research note issued to investors on Monday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price objective would indicate a potential upside of 4.44% from the company's current price.

Several other equities analysts have also issued reports on the company. The Goldman Sachs Group upgraded TC Energy from a "sell" rating to a "hold" rating and set a C$62.00 price target on the stock in a research report on Sunday, April 19th. Royal Bank Of Canada raised their price target on TC Energy from C$92.00 to C$95.00 and gave the stock an "outperform" rating in a research report on Monday. TD raised their price target on TC Energy from C$88.00 to C$90.00 and gave the stock a "hold" rating in a research report on Monday. Scotiabank raised their price target on TC Energy from C$86.00 to C$93.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 17th. Finally, Jefferies Financial Group raised their price target on TC Energy from C$80.00 to C$88.00 in a research report on Tuesday, February 17th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of C$87.46.

TC Energy Trading Down 0.7%

TRP traded down C$0.63 on Monday, hitting C$90.00. 1,053,579 shares of the company were exchanged, compared to its average volume of 5,771,738. The firm has a fifty day simple moving average of C$86.66 and a two-hundred day simple moving average of C$79.81. The company has a debt-to-equity ratio of 224.52, a quick ratio of 0.40 and a current ratio of 0.65. TC Energy has a 12 month low of C$63.34 and a 12 month high of C$91.50. The stock has a market capitalization of C$93.76 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 1.69 and a beta of 0.76.

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

Insider Buying and Selling at TC Energy

In other news, insider Dawn Elizabeth De Lima sold 25,342 shares of TC Energy 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 sale, the insider directly owned 18,490 shares in the company, valued at approximately C$1,640,617.70. This trade represents a 57.82% decrease in their position. Corporate insiders own 0.03% of the company's stock.

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

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