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

Canadian Imperial Bank of Commerce cut shares of TC Energy (NYSE:TRP) (TSE:TRP) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also issued reports on TRP. Wall Street Zen upgraded shares of TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research report on Monday. Scotiabank restated an “outperform” rating on shares of TC Energy in a research note on Tuesday. Citigroup reiterated a “neutral” rating on shares of TC Energy in a research note on Thursday, November 20th. Finally, Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a report on Wednesday, January 28th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $72.50.

TC Energy Stock Performance

Shares of TRP stock opened at $62.51 on Tuesday. TC Energy has a 1 year low of $43.59 and a 1 year high of $63.94. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. The firm has a market cap of $65.09 billion, a price-to-earnings ratio of 26.90 and a beta of 0.73. The stock’s 50-day moving average is $56.81 and its two-hundred day moving average is $53.90.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.94 billion. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.During the same period in the prior year, the firm earned $1.05 EPS. Analysts predict that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.8775 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.6%. TC Energy’s dividend payout ratio (DPR) is currently 106.90%.

Institutional Investors Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of TRP. Pacifica Partners Inc. boosted its stake in shares of TC Energy by 14.0% during the 3rd quarter. Pacifica Partners Inc. now owns 1,625 shares of the pipeline company’s stock worth $87,000 after acquiring an additional 200 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its holdings in TC Energy by 2.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,991 shares of the pipeline company’s stock worth $544,000 after purchasing an additional 200 shares during the last quarter. Gold Investment Management Ltd. boosted its position in TC Energy by 2.0% during the fourth quarter. Gold Investment Management Ltd. now owns 9,964 shares of the pipeline company’s stock worth $549,000 after purchasing an additional 200 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in TC Energy by 2.8% in the third quarter. Kingswood Wealth Advisors LLC now owns 7,342 shares of the pipeline company’s stock valued at $399,000 after purchasing an additional 202 shares during the last quarter. Finally, Kennebec Savings Bank increased its position in shares of TC Energy by 2.1% in the fourth quarter. Kennebec Savings Bank now owns 9,854 shares of the pipeline company’s stock valued at $542,000 after buying an additional 203 shares in the last quarter. Institutional investors and hedge funds 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.