Citigroup upgraded shares of TC PipeLines (NYSE:TCP) from a neutral rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. The firm currently has $58.00 price objective on the pipeline company’s stock.

TCP has been the subject of several other reports. Zacks Investment Research raised TC PipeLines from a hold rating to a buy rating and set a $60.00 target price for the company in a research note on Tuesday, October 17th. BidaskClub raised TC PipeLines from a strong sell rating to a sell rating in a research note on Friday, August 25th. Royal Bank of Canada reaffirmed an outperform rating and set a $68.00 target price (down from $72.00) on shares of TC PipeLines in a research note on Thursday, November 9th. Wells Fargo & Company reduced their target price on TC PipeLines from $62.00 to $58.00 and set a market perform rating for the company in a research note on Wednesday, November 15th. Finally, UBS reduced their target price on TC PipeLines from $63.00 to $61.00 and set a buy rating for the company in a research note on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $60.50.

Shares of TC PipeLines (TCP) opened at $53.03 on Friday. 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. The company has a market capitalization of $3,635.21, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 2.76 and a beta of 0.96.

TC PipeLines (NYSE:TCP) last released its quarterly earnings data on Monday, November 6th. The pipeline company reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.06). TC PipeLines had a return on equity of 21.46% and a net margin of 64.04%. The company had revenue of $100.00 million during the quarter, compared to analysts’ expectations of $126.78 million. sell-side analysts forecast that TC PipeLines will post 3.14 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Friday, November 3rd were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 7.54%. The ex-dividend date was Thursday, November 2nd. TC PipeLines’s payout ratio is 129.45%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IHT Wealth Management LLC acquired a new position in TC PipeLines in the 2nd quarter valued at $1,722,000. The Manufacturers Life Insurance Company raised its stake in TC PipeLines by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,013 shares of the pipeline company’s stock valued at $111,000 after purchasing an additional 149 shares during the last quarter. Ffcm LLC raised its stake in TC PipeLines by 225.7% in the 2nd quarter. Ffcm LLC now owns 2,052 shares of the pipeline company’s stock valued at $120,000 after purchasing an additional 1,422 shares during the last quarter. Penserra Capital Management LLC raised its stake in TC PipeLines by 214.7% in the 2nd quarter. Penserra Capital Management LLC now owns 2,813 shares of the pipeline company’s stock valued at $154,000 after purchasing an additional 1,919 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new position in TC PipeLines in the 2nd quarter valued at $204,000. 60.97% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for TC PipeLines (NYSE:TCP)

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