TC Energy (TSE:TRP) Downgraded by CIBC to Neutral

Key Points

• TC Energy has been downgraded by CIBC from an "outperform" rating to a "neutral" rating, with a revised price target of C$77.00, indicating a potential upside of 3.93% from its previous close.
• Overall, TC Energy has an average rating of "Moderate Buy" from analysts, with target prices ranging from C$68.00 to C$76.00 across different brokerage reports.
• Director insider transactions raised concerns, as two directors sold substantial shares recently, indicating a 32.21% and 76.92% decrease in their positions respectively.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP was downgraded by stock analysts at CIBC from an "outperform" rating to a "neutral" rating in a research note issued on Thursday,BayStreet.CA reports. They presently have a C$77.00 price target on the stock, up from their previous price target of C$76.00. CIBC's target price points to a potential upside of 3.93% from the stock's previous close.

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

TC Energy Stock Performance

TSE:TRP traded down C$1.58 during trading hours on Thursday, hitting C$74.09. 862,207 shares of the company traded hands, compared to its average volume of 6,112,868. The stock has a market capitalization of C$77.03 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 1.69 and a beta of 0.84. TC Energy has a twelve month low of C$61.80 and a twelve month high of C$77.26. The firm has a 50-day moving average of C$71.71 and a 200 day moving average of C$68.83. The company has a current ratio of 1.31, a quick ratio of 0.40 and a debt-to-equity ratio of 237.62.

Insider Transactions at TC Energy

In other TC Energy news, Director Francois Lionel Poirier sold 53,946 shares of the 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 sale, the director owned 113,550 shares of the company's stock, valued at C$8,004,173.57. This represents a 32.21% decrease in their position. Also, Director Siim A. Vanaselja sold 40,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of C$70.07, for a total transaction 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. This represents a 76.92% decrease in their position. 0.03% of the stock is owned by corporate insiders.

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.

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