CIBC Forecasts Strong Price Appreciation for TC Energy (TSE:TRP) Stock

TC Energy (TSE:TRP) (NYSE:TRP) had its price objective increased by CIBC from C$67.00 to C$68.00 in a research note issued to investors on Wednesday morning,BayStreet.CA reports.

A number of other research firms also recently issued reports on TRP. Barclays raised their price target on shares of TC Energy from C$66.00 to C$67.00 in a research report on Monday, October 21st. BMO Capital Markets raised their target price on shares of TC Energy from C$55.00 to C$66.00 in a report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on TC Energy from C$70.00 to C$79.00 in a report on Monday, November 18th. ATB Capital increased their price target on TC Energy from C$64.00 to C$65.00 in a research report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price objective on TC Energy from C$67.00 to C$71.00 in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$69.54.

TC Energy Stock Down 0.7 %

Shares of TC Energy stock opened at C$69.65 on Wednesday. The business has a 50-day moving average price of C$65.01 and a 200 day moving average price of C$59.04. TC Energy has a fifty-two week low of C$43.83 and a fifty-two week high of C$70.32. The firm has a market cap of C$72.44 billion, a P/E ratio of 21.04, a P/E/G ratio of 1.69 and a beta of 0.82. The company has a quick ratio of 0.40, a current ratio of 0.76 and a debt-to-equity ratio of 160.84.

TC Energy (TSE:TRP) (NYSE:TRP) last issued its quarterly earnings results on Thursday, November 7th. The company reported C$1.03 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.97 by C$0.06. TC Energy had a return on equity of 10.68% and a net margin of 21.38%. The business had revenue of C$4.08 billion during the quarter, compared to the consensus estimate of C$3.90 billion. On average, sell-side analysts forecast that TC Energy will post 3.5490515 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.113 per share. This represents a $4.45 dividend on an annualized basis and a dividend yield of 6.39%. This is an increase from TC Energy’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, December 31st. TC Energy’s payout ratio is 116.01%.

Insider Activity

In other news, Director Colin Lindley sold 3,194 shares of TC Energy stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of C$68.70, for a total value of C$219,425.56. Following the transaction, the director now owns 697 shares of the company’s stock, valued at C$47,883.41. The trade was a 82.09 % decrease in their position. Also, Senior Officer Patrick M. Keys sold 17,127 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of C$62.71, for a total transaction of C$1,074,049.58. Insiders sold 214,476 shares of company stock worth $14,299,929 over the last three months. Corporate insiders own 0.03% of the company’s stock.

TC Energy Company Profile

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.