Royal Bank Of Canada Reiterates Buy Rating for TC PipeLines, LP (TCP)
Royal Bank Of Canada reissued their buy rating on shares of TC PipeLines, LP (NYSE:TCP) in a research report sent to investors on Wednesday. They currently have a $72.00 price target on the pipeline company’s stock.
TCP has been the topic of several other research reports. BidaskClub upgraded shares of TC PipeLines, from a strong sell rating to a sell rating in a report on Friday, August 25th. Zacks Investment Research downgraded shares of TC PipeLines, from a hold rating to a sell rating in a report on Thursday, July 13th. Finally, Barclays PLC reiterated a sell rating and issued a $57.00 price target on shares of TC PipeLines, in a report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $64.17.
Shares of TC PipeLines, (NYSE TCP) opened at 52.32 on Wednesday. TC PipeLines, has a 12 month low of $47.12 and a 12 month high of $65.03. The company’s 50-day moving average is $52.34 and its 200 day moving average is $56.38. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 16.67 and a beta of 0.99.
TC PipeLines, (NYSE:TCP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.01). TC PipeLines, had a return on equity of 19.77% and a net margin of 62.63%. The business had revenue of $101.00 million during the quarter, compared to analyst estimates of $117.39 million. On average, equities research analysts anticipate that TC PipeLines, will post $3.23 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of TCP. Ameriprise Financial Inc. grew its stake in shares of TC PipeLines, by 27.2% during the 1st quarter. Ameriprise Financial Inc. now owns 7,076 shares of the pipeline company’s stock worth $422,000 after purchasing an additional 1,511 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of TC PipeLines, by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 7,468 shares of the pipeline company’s stock worth $446,000 after purchasing an additional 702 shares during the period. JPMorgan Chase & Co. grew its stake in shares of TC PipeLines, by 3.3% during the 1st quarter. JPMorgan Chase & Co. now owns 839,551 shares of the pipeline company’s stock worth $50,088,000 after purchasing an additional 27,149 shares during the period. Neuberger Berman Group LLC acquired a new stake in shares of TC PipeLines, during the 1st quarter worth approximately $2,611,000. Finally, Alliancebernstein L.P. grew its stake in shares of TC PipeLines, by 40.6% during the 1st quarter. Alliancebernstein L.P. now owns 11,321 shares of the pipeline company’s stock worth $675,000 after purchasing an additional 3,269 shares during the period. 60.61% of the stock is currently owned by institutional investors and hedge funds.
About TC PipeLines,
TC PipeLines, LP is a master limited partnership. The Company 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. As of December 31, 2016, the Company had four pipelines and equity ownership interests in three natural gas interstate pipeline systems that are collectively designed to transport approximately 9.1 billion cubic feet per day of 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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