TC Pipelines (TCP) Coverage Initiated by Analysts at Bank of America
Bank of America initiated coverage on shares of TC Pipelines (NYSE:TCP) in a research report sent to investors on Tuesday morning, The Fly reports. The brokerage issued a neutral rating on the pipeline company’s stock.
A number of other brokerages have also weighed in on TCP. UBS Group cut their target price on shares of TC Pipelines from $63.00 to $61.00 and set a buy rating on the stock in a research note on Tuesday, November 7th. Royal Bank of Canada reissued an outperform rating and set a $68.00 price objective (down previously from $72.00) on shares of TC Pipelines in a research note on Thursday, November 9th. Zacks Investment Research raised shares of TC Pipelines from a hold rating to a buy rating and set a $60.00 price objective on the stock in a research note on Tuesday, October 17th. Citigroup raised shares of TC Pipelines from a neutral rating to a buy rating and set a $58.00 price objective on the stock in a research note on Friday, December 8th. Finally, Wells Fargo & Co dropped their price objective on shares of TC Pipelines from $62.00 to $58.00 and set a market perform rating on the stock in a research note on Wednesday, November 15th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $60.50.
Shares of TC Pipelines (NYSE TCP) traded up $0.51 on Tuesday, hitting $53.80. 145,700 shares of the stock were exchanged, compared to its average volume of 206,050. The company has a market cap of $3,730.00, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.12 and a quick ratio of 1.06. TC Pipelines has a 52-week low of $48.55 and a 52-week high of $65.03.
TC Pipelines (NYSE:TCP) last announced its earnings results on Monday, November 6th. The pipeline company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.06). The company had revenue of $100.00 million for the quarter, compared to the consensus estimate of $126.78 million. TC Pipelines had a net margin of 64.04% and a return on equity of 21.46%. sell-side analysts expect that TC Pipelines will post 3.14 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its holdings in TC Pipelines by 8.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,013 shares of the pipeline company’s stock worth $111,000 after buying an additional 149 shares during the last quarter. Cetera Investment Advisers purchased a new position in TC Pipelines in the second quarter worth about $204,000. Wedbush Securities Inc. purchased a new position in TC Pipelines in the third quarter worth about $204,000. Veritable L.P. raised its holdings in TC Pipelines by 15.6% in the second quarter. Veritable L.P. now owns 4,434 shares of the pipeline company’s stock worth $244,000 after buying an additional 599 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in TC Pipelines in the second quarter worth about $369,000. 60.96% of the stock is currently owned by institutional investors and hedge funds.
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TC Pipelines Company Profile
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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