Tc Pipelines (NYSE:TRP) Cut to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a research report released on Monday morning, Zacks.com reports. The brokerage currently has $53.00 target price on the pipeline company’s stock.
According to Zacks, “TC Energy Corporation is a predominantly natural gas pipeline operator with operations spanning Canada, the United States and Mexico. A quality stock with industry leading wide moat assets, TC Energy has a secured portfolio of C$30 billion in growth projects. This should support the company’s stated dividend growth commitment of 8-10% annually out to 2021. Underpinned by long-term contracts, TC Energy’s low-risk, recession-proof business model offers investors rock-solid revenue and cash flow stability. However, continued timing and cost overrun issues over large construction projects, especially the Keystone XL Pipeline, are major overhangs. Moreover, further share price appreciation will likely be tied to the progress on the debt reduction front. Hence, investors are advised to wait for a better entry point before buying shares.”
A number of other research analysts have also commented on the company. Credit Suisse Group set a €80.00 ($93.02) price objective on Siltronic and gave the company a neutral rating in a report on Wednesday, May 29th. Scotiabank reaffirmed an average rating and issued a $72.00 price objective on shares of Tc Pipelines in a report on Tuesday, May 28th. Industrial Alliance Securities reaffirmed a buy rating on shares of Tc Pipelines in a report on Monday, April 8th. Finally, GMP Securities reaffirmed a hold rating and issued a $48.00 price objective on shares of Suncor Energy in a report on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Tc Pipelines has a consensus rating of Hold and an average price target of $54.43.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Tc Pipelines had a return on equity of 13.72% and a net margin of 28.60%. The firm had revenue of $2.62 billion for the quarter. As a group, research analysts expect that Tc Pipelines will post 2.98 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Thursday, June 27th. Tc Pipelines’s dividend payout ratio (DPR) is currently 76.85%.
A hedge fund recently bought a new stake in Tc Pipelines stock. Campbell & CO Investment Adviser LLC bought a new position in shares of Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,229 shares of the pipeline company’s stock, valued at approximately $556,000. Institutional investors own 57.09% of the company’s stock.
About Tc Pipelines
TC Energy Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy segments. The company transports natural gas to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, and other businesses.
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