TC Pipelines (TCP) Posts Earnings Results, Beats Expectations By $0.07 EPS

TC Pipelines (NYSE:TCP) announced its earnings results on Friday. The pipeline company reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.07, MarketWatch Earnings reports. TC Pipelines had a return on equity of 26.67% and a net margin of 66.44%. The firm had revenue of $103.00 million for the quarter.

NYSE:TCP traded up $0.79 during midday trading on Friday, hitting $30.71. 276,133 shares of the stock were exchanged, compared to its average volume of 278,648. TC Pipelines has a one year low of $22.64 and a one year high of $57.08. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 9.72 and a beta of 1.09. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.33 and a quick ratio of 1.23.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 2nd will be issued a dividend of $0.65 per share. The ex-dividend date is Thursday, November 1st. This represents a $2.60 annualized dividend and a yield of 8.47%. TC Pipelines’s payout ratio is 82.28%.

Institutional investors have recently bought and sold shares of the business. Cribstone Capital Management LLC acquired a new position in TC Pipelines in the second quarter worth approximately $156,000. Ferris Capital LLC grew its position in TC Pipelines by 35.7% in the second quarter. Ferris Capital LLC now owns 6,682 shares of the pipeline company’s stock worth $173,000 after buying an additional 1,758 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in TC Pipelines in the third quarter worth approximately $370,000. Gould Asset Management LLC CA grew its position in TC Pipelines by 35.2% in the third quarter. Gould Asset Management LLC CA now owns 12,585 shares of the pipeline company’s stock worth $382,000 after buying an additional 3,280 shares during the last quarter. Finally, Timber Hill LLC acquired a new position in TC Pipelines in the third quarter worth approximately $398,000. Hedge funds and other institutional investors own 59.72% of the company’s stock.

Several equities research analysts recently commented on TCP shares. Barclays boosted their target price on TC Pipelines from $26.00 to $32.00 and gave the stock a “sell” rating in a report on Monday, August 6th. Citigroup boosted their target price on TC Pipelines from $27.50 to $33.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Zacks Investment Research raised TC Pipelines from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Friday, September 28th. Goldman Sachs Group started coverage on TC Pipelines in a report on Monday, October 8th. They set a “sell” rating and a $23.00 target price on the stock. Finally, Morgan Stanley set a $35.00 target price on TC Pipelines and gave the stock a “sell” rating in a report on Friday, October 19th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $42.80.

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TC Pipelines Company Profile

TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.4 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.

Read More: Leveraged Buyout (LBO)

Earnings History for TC Pipelines (NYSE:TCP)

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