TC Pipelines (TCP) Issues Earnings Results
TC Pipelines (NYSE:TCP) issued its earnings results on Friday. The pipeline company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.07, MarketWatch Earnings reports. TC Pipelines had a net margin of 66.44% and a return on equity of 26.67%. The company had revenue of $103.00 million during the quarter.
Shares of TCP stock traded up $0.79 during trading hours on Friday, hitting $30.71. The company’s stock had a trading volume of 276,133 shares, compared to its average volume of 278,648. The firm has a market capitalization of $2.14 billion, a PE ratio of 9.72 and a beta of 1.09. TC Pipelines has a twelve month low of $22.64 and a twelve month high of $57.08. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.33 and a quick ratio of 1.23.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Friday, November 2nd will be given a $0.65 dividend. The ex-dividend date is Thursday, November 1st. This represents a $2.60 annualized dividend and a dividend yield of 8.47%. TC Pipelines’s dividend payout ratio is presently 82.28%.
Hedge funds have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. boosted its position in TC Pipelines by 34.0% during the second quarter. OppenheimerFunds Inc. now owns 12,258,566 shares of the pipeline company’s stock worth $318,110,000 after acquiring an additional 3,113,696 shares during the last quarter. Alps Advisors Inc. boosted its position in TC Pipelines by 6.3% during the third quarter. Alps Advisors Inc. now owns 4,784,815 shares of the pipeline company’s stock worth $145,123,000 after acquiring an additional 284,533 shares during the last quarter. Tiedemann Advisors LLC boosted its position in TC Pipelines by 28.0% during the second quarter. Tiedemann Advisors LLC now owns 600,363 shares of the pipeline company’s stock worth $15,580,000 after acquiring an additional 131,400 shares during the last quarter. California Public Employees Retirement System boosted its position in TC Pipelines by 47.4% during the second quarter. California Public Employees Retirement System now owns 169,953 shares of the pipeline company’s stock worth $4,410,000 after acquiring an additional 54,614 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in TC Pipelines during the second quarter worth approximately $3,847,000. Institutional investors and hedge funds own 59.72% of the company’s stock.
TC Pipelines Company Profile
TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.4 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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