TC PipeLines (TCP) Rating Increased to Hold at Zacks Investment Research

TC PipeLines (NYSE:TCP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “We like TC PipeLines for its generation of stable, recurring and low-risk earnings and cash flows. TC PipeLines’ long history of stable and growing cash distributions has delivered value to its investors. Moreover, the partnership’s recent agreement to purchase interests in the Iroquois Gas Transmission System is likely to strengthen its cash flow and earnings further. However, we are concerned of the lower natural gas volumes in its Northern Border Pipeline along with substantial uncontracted capacity at Great Lakes. Further, uncertainty over the energy infrastructure provider's dropdown prospects has dampened investor sentiment on the stock of late. As such, units of the partnership have declined 37.6% in the last three months, wider than the industry’s loss of 11.7%. Thus, we see limited upside from current levels and take a cautious stance on TCP units.”

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Other analysts have also issued research reports about the company. UBS lowered TC PipeLines from a “buy” rating to a “neutral” rating and set a $55.00 target price for the company. in a report on Monday, March 19th. Ladenburg Thalmann set a $50.00 target price on TC PipeLines and gave the stock a “hold” rating in a report on Friday, March 16th. Bank of America lowered TC PipeLines from a “neutral” rating to an “underperform” rating in a report on Wednesday, March 21st. ValuEngine lowered TC PipeLines from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Finally, Barclays restated a “sell” rating and set a $55.00 target price on shares of TC PipeLines in a report on Friday, January 19th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. TC PipeLines has a consensus rating of “Hold” and an average price target of $50.50.

Shares of NYSE TCP traded up $0.47 during trading hours on Tuesday, reaching $33.71. The stock had a trading volume of 289,230 shares, compared to its average volume of 299,214. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.82 and a current ratio of 0.90. The firm has a market capitalization of $2,241.15, a price-to-earnings ratio of 10.68, a PEG ratio of 1.82 and a beta of 1.14. TC PipeLines has a 52-week low of $30.34 and a 52-week high of $61.74.

TC PipeLines (NYSE:TCP) last announced its quarterly earnings results on Friday, February 23rd. The pipeline company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). The firm had revenue of $109.00 million during the quarter, compared to analysts’ expectations of $137.19 million. TC PipeLines had a net margin of 62.66% and a return on equity of 22.80%. analysts forecast that TC PipeLines will post 3.02 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Green Square Capital LLC purchased a new stake in shares of TC PipeLines during the 4th quarter valued at $2,411,000. Brookfield Asset Management Inc. purchased a new stake in shares of TC PipeLines during the 4th quarter valued at $147,413,000. Glenmede Trust Co. NA lifted its holdings in shares of TC PipeLines by 44.5% during the 4th quarter. Glenmede Trust Co. NA now owns 39,763 shares of the pipeline company’s stock valued at $2,111,000 after purchasing an additional 12,253 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of TC PipeLines during the 4th quarter valued at $727,000. Finally, LPL Financial LLC lifted its holdings in shares of TC PipeLines by 12.4% during the 4th quarter. LPL Financial LLC now owns 37,492 shares of the pipeline company’s stock valued at $1,991,000 after purchasing an additional 4,129 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

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TC PipeLines Company Profile

TC Pipelines LP engages in nautral gas pipelines business. It transports natural gas in Western, Midwestern and Eastern United States. The firm is managed by its general partner TC Pipelines GP, Inc, which is an indirect, wholly-owned subsidiary of TransCanada. The company was founded in 1998 and is headquartered in Houston, TX.

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