TC Energy (NYSE:TRP) Cut to Hold at Canadian Imperial Bank of Commerce

TC Energy (NYSE:TRP) (TSE:TRP) was downgraded by stock analysts at Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also commented on TRP. Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a report on Saturday. Citigroup reiterated a “neutral” rating on shares of TC Energy in a report on Thursday, November 20th. Scotiabank reissued an “outperform” rating on shares of TC Energy in a research report on Tuesday. Wells Fargo & Company reaffirmed an “overweight” rating on shares of TC Energy in a report on Monday. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of TC Energy in a research note on Monday, December 29th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

TC Energy Stock Down 2.1%

Shares of TC Energy stock opened at $62.23 on Tuesday. The company has a 50-day simple moving average of $56.49 and a two-hundred day simple moving average of $53.79. The stock has a market capitalization of $64.80 billion, a PE ratio of 26.78 and a beta of 0.73. TC Energy has a 52-week low of $43.59 and a 52-week high of $63.94. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.56 and a current ratio of 0.63.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.47%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the firm earned $1.05 earnings per share. On average, analysts anticipate that TC Energy will post 2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Campbell & CO Investment Adviser LLC purchased a new position in TC Energy during the 3rd quarter valued at approximately $1,391,000. Norges Bank purchased a new stake in shares of TC Energy during the 2nd quarter worth approximately $493,434,000. Advisors Asset Management Inc. boosted its position in shares of TC Energy by 38.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock valued at $4,796,000 after acquiring an additional 24,617 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of TC Energy by 9.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company’s stock valued at $74,297,000 after purchasing an additional 115,000 shares in the last quarter. Finally, Ausbil Investment Management Ltd increased its position in TC Energy by 33.2% in the third quarter. Ausbil Investment Management Ltd now owns 100,519 shares of the pipeline company’s stock worth $5,415,000 after purchasing an additional 25,026 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.