TC Energy (TSE:TRP) Stock Breaks Below 200-Day Moving Average – Here’s Why

TC Energy Co. (TSE:TRP) (NYSE:TRP) shares crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$88.59 and traded as low as C$86.48. TC Energy shares last traded at C$87.52, with a volume of 3,450,738 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. ATB Cormark Capital Markets boosted their price objective on TC Energy from C$98.00 to C$100.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Jefferies Financial Group raised shares of TC Energy from a “hold” rating to a “buy” rating and raised their target price for the company from C$100.00 to C$102.00 in a report on Tuesday, September 1st. Scotiabank set a C$105.00 target price on shares of TC Energy and gave the company a “sector outperform” rating in a report on Tuesday, September 22nd. Barclays boosted their price target on shares of TC Energy from C$100.00 to C$102.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, BMO Capital Markets boosted their price target on shares of TC Energy from C$94.00 to C$99.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$96.29.

TC Energy Price Performance

The company has a debt-to-equity ratio of 229.63, a quick ratio of 0.40 and a current ratio of 0.61. The company has a market capitalization of C$91.18 billion, a PE ratio of 26.20, a P/E/G ratio of 1.69 and a beta of 0.82. The company’s 50-day simple moving average is C$86.10 and its 200-day simple moving average is C$88.59.

About TC Energy

We are a leader in North American energy infrastructure, spanning Canada, the U.S. and Mexico. For over 75 years, we have proudly connected the world to the energy it needs. Every day, we move more than 30 per cent of the natural gas used across the continent and connect LNG exports to global markets-powering communities and industries. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure delivers affordable, reliable and sustainable energy across North America.