TC Pipelines (TCP) Coverage Initiated at Bank of America

Investment analysts at Bank of America assumed coverage on shares of TC Pipelines (NYSE:TCP) in a research note issued to investors on Tuesday, The Fly reports. The brokerage set a “neutral” rating on the pipeline company’s stock.

Several other equities analysts have also issued reports on the company. Citigroup raised TC Pipelines from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Friday, December 8th. Wells Fargo & Co dropped their price objective on TC Pipelines from $62.00 to $58.00 and set a “market perform” rating on the stock in a report on Wednesday, November 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 price objective (down previously from $72.00) on shares of TC Pipelines in a report on Thursday, November 9th. UBS Group dropped their price objective on TC Pipelines from $63.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, November 7th. Finally, Zacks Investment Research raised TC Pipelines from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $60.50.

TC Pipelines (TCP) opened at $53.51 on Tuesday. The stock has a market capitalization of $3,740.00, a PE ratio of 17.72, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96. TC Pipelines has a twelve month low of $48.55 and a twelve month high of $65.03. The company has a current ratio of 1.12, a quick ratio of 1.06 and a debt-to-equity ratio of 2.38.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CNH Partners LLC grew its holdings in shares of TC Pipelines by 1.0% during the second quarter. CNH Partners LLC now owns 9,975 shares of the pipeline company’s stock worth $549,000 after buying an additional 100 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of TC Pipelines by 8.0% during 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. IHT Wealth Management LLC purchased a new position in shares of TC Pipelines during the second quarter worth about $1,722,000. Veritable L.P. grew its holdings in shares of TC Pipelines by 15.6% during 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, Alliancebernstein L.P. grew its holdings in shares of TC Pipelines by 5.9% during the second quarter. Alliancebernstein L.P. now owns 11,993 shares of the pipeline company’s stock worth $660,000 after buying an additional 672 shares during the last quarter. 60.96% of the stock is currently 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.

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