TC Pipelines, LP (TCP) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of TC Pipelines, LP (NYSE:TCP) from a hold rating to a buy rating in a report published on Wednesday. The firm currently has $59.00 price target on the stock.
According to Zacks, “TC PipeLines owns stakes in natural gas transportation assets, which generate stable, recurring and low-risk earnings. Moreover, we expect the partnership’s recent acquisition of some major U.S. gas systems to be immediately accretive to cash flows. The partnership has also established a track of providing stable and growing cash distribution to unitholders, an indication of its financial strength. Finally, TC PipeLines continues to leverage its relationship with parent TransCanada to make ‘drop-down’ transactions. Being incrementally more positive on the partnership, we see the stock performing above the broader market.”
TCP has been the topic of several other reports. TheStreet lowered TC Pipelines, from a buy rating to a hold rating in a research report on Tuesday, August 9th. Wells Fargo & Co. reissued a neutral rating on shares of TC Pipelines, in a research report on Wednesday, November 9th. Goldman Sachs Group Inc. reissued a neutral rating and set a $53.00 price target on shares of TC Pipelines, in a research report on Wednesday, July 20th. Finally, Citigroup Inc. boosted their price target on TC Pipelines, from $52.00 to $57.00 and gave the stock a neutral rating in a research report on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $54.75.
Shares of TC Pipelines, (NYSE:TCP) traded up 0.74% during trading on Wednesday, reaching $53.13. 53,216 shares of the company’s stock traded hands. The stock has a market capitalization of $3.56 billion, a PE ratio of 181.95 and a beta of 0.73. TC Pipelines, has a 1-year low of $34.25 and a 1-year high of $60.48. The company has a 50 day moving average price of $54.23 and a 200 day moving average price of $54.39.
TC Pipelines, (NYSE:TCP) last released its quarterly earnings results on Friday, November 4th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $91 million for the quarter, compared to analyst estimates of $97.80 million. On average, equities analysts forecast that TC Pipelines, will post $3.29 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Tuesday, November 1st were given a dividend of $0.94 per share. The ex-dividend date was Friday, October 28th. This represents a $3.76 dividend on an annualized basis and a yield of 7.13%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Springbok Capital Management LLC bought a new position in TC Pipelines, during the first quarter worth about $593,000. Energy Income Partners LLC raised its position in shares of TC Pipelines, by 5.2% in the first quarter. Energy Income Partners LLC now owns 2,604,826 shares of the company’s stock worth $125,605,000 after buying an additional 129,115 shares during the period. Spirit of America Management Corp NY raised its position in shares of TC Pipelines, by 35.8% in the second quarter. Spirit of America Management Corp NY now owns 165,334 shares of the company’s stock worth $9,467,000 after buying an additional 43,598 shares during the period. Jennison Associates LLC acquired a new position in shares of TC Pipelines, during the second quarter worth about $3,082,000. Finally, Diligent Investors LLC raised its position in shares of TC Pipelines, by 1.0% in the second quarter. Diligent Investors LLC now owns 9,848 shares of the company’s stock worth $564,000 after buying an additional 100 shares during the period.
About TC Pipelines,
TC PipeLines, LP is a limited partnership company that acquires, owns and participates in the management of energy infrastructure businesses in North America. The Company’s pipeline systems transport natural gas in the United States. The Company has approximately four pipelines and equity ownership interests in over three natural gas interstate pipeline systems that are collectively designed to transport natural gas from producing regions and import facilities to market hubs, and consuming markets primarily in the Western, Midwestern and Eastern United States.
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