CIBC Trims TC Energy (TSE:TRP) Target Price to C$57.00

TC Energy (TSE:TRP) (NYSE:TRP) had its price objective cut by research analysts at CIBC from C$62.00 to C$57.00 in a research report issued on Wednesday, BayStreet.CA reports. The firm currently has a “negative” rating on the stock. CIBC’s target price points to a potential downside of 5.19% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TRP. National Bankshares upped their target price on shares of TC Energy from C$60.00 to C$65.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Barclays upped their price objective on TC Energy from C$61.00 to C$64.00 in a research note on Monday, August 19th. BMO Capital Markets lifted their target price on TC Energy from C$57.00 to C$65.00 in a research note on Thursday, September 5th. Jefferies Financial Group increased their price target on TC Energy from C$57.00 to C$66.00 and gave the company a “hold” rating in a research note on Monday. Finally, Scotiabank reduced their price objective on shares of TC Energy from C$62.00 to C$61.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$59.23.

TC Energy Price Performance

TSE:TRP opened at C$60.12 on Wednesday. TC Energy has a 52-week low of C$44.70 and a 52-week high of C$65.39. The company has a market cap of C$62.52 billion, a P/E ratio of 18.16, a P/E/G ratio of 0.26 and a beta of 0.82. The company has a debt-to-equity ratio of 160.84, a quick ratio of 0.40 and a current ratio of 0.76. The stock’s 50-day simple moving average is C$61.41 and its 200 day simple moving average is C$55.64.

TC Energy (TSE:TRP) (NYSE:TRP) last released its earnings results on Thursday, August 1st. The company reported C$0.94 earnings per share for the quarter, beating the consensus estimate of C$0.89 by C$0.05. TC Energy had a net margin of 21.38% and a return on equity of 10.68%. The business had revenue of C$4.09 billion during the quarter, compared to analysts’ expectations of C$3.78 billion. As a group, sell-side analysts forecast that TC Energy will post 4.4244068 EPS for the current fiscal year.

Insiders Place Their Bets

In other TC Energy news, Senior Officer Dawn Elizabeth De Lima bought 545 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were purchased at an average price of C$63.06 per share, for a total transaction of C$34,367.70. In related news, Director Colin Lindley sold 2,773 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of C$59.42, for a total value of C$164,761.40. Following the transaction, the director now owns 697 shares in the company, valued at C$41,413.16. Also, Senior Officer Dawn Elizabeth De Lima purchased 545 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was bought at an average cost of C$63.06 per share, with a total value of C$34,367.70. Insiders sold 95,479 shares of company stock worth $5,860,018 in the last quarter. 0.04% of the stock is currently owned by corporate insiders.

About TC Energy

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.