TC Energy (TSE:TRP) Rating Increased to Outperform at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce upgraded TC Energy from "neutral" to "outperform" and raised its price target to C$89.00 (from C$85.00), implying about a 6.8% upside.
• Several other banks (RBC, Scotiabank, Citi) have lifted targets or ratings, but the MarketBeat consensus remains a "Hold" with an average target of C$84.67.
• Shares traded up to C$83.33 (about +1.5%), the company has a market cap of C$86.8B and a PE of 25.48, and insider Dawn Elizabeth De Lima recently sold 25,342 shares at C$88.73.

TC Energy (TSE:TRP - Get Free Report) NYSE: TRP was upgraded by equities research analysts at Canadian Imperial Bank of Commerce from a "neutral" rating to an "outperform" rating in a research note issued on Thursday,BayStreet.CA reports. The firm presently has a C$89.00 price target on the stock, up from their prior price target of C$85.00. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 6.80% from the company's current price.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada lifted their price objective on shares of TC Energy from C$84.00 to C$92.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. Scotiabank lifted their price objective on shares of TC Energy from C$86.00 to C$93.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. National Bank Financial lifted their price objective on shares of TC Energy from C$85.00 to C$86.00 and gave the company a "hold" rating in a report on Tuesday, February 17th. Citigroup lifted their price objective on shares of TC Energy from C$86.00 to C$95.00 and gave the company a "neutral" rating in a report on Tuesday, March 31st. Finally, ATB Cormark Capital Markets lifted their price objective on shares of TC Energy from C$73.00 to C$80.00 and gave the company a "sector perform" rating in a report on Tuesday, February 17th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of C$84.67.

TC Energy Trading Up 1.5%

Shares of TC Energy stock traded up C$1.21 during trading on Thursday, hitting C$83.33. The stock had a trading volume of 1,158,302 shares, compared to its average volume of 5,579,973. The firm's fifty day simple moving average is C$86.54 and its 200-day simple moving average is C$79.29. The stock has a market cap of C$86.81 billion, a PE 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. TC Energy has a 12 month low of C$63.34 and a 12 month high of C$90.27.

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

Insider Activity at TC Energy

In other news, insider Dawn Elizabeth De Lima sold 25,342 shares of the business's stock in a transaction dated 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 position. Corporate 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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