Zacks Investment Research upgraded shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from a hold rating to a buy rating in a report released on Thursday morning. Zacks Investment Research currently has $44.00 target price on the pipeline company’s stock.
According to Zacks, “Taking into account the number of tailwinds, TransCanada Corporation's rating is upgraded to a 'Buy’. Over the past few quarters, TransCanada's operational and financial results have been meeting or exceeding expectations on the back of strength in its expansion projects in U.S. gas pipelines and liquids segments. TRP is a predominantly natural gas pipeline operator with operations spanning Canada, the United States and Mexico. A quality stock with industry leading wide moat assets, it has a secured portfolio of C$36 billion in growth projects. This should support the company’s stated dividend growth commitment of 8-10% annually out to 2021. Underpinned by long-term contracts, TransCanada’s low risk,recession-proof business model offers investors rock-solid revenue and cash flow stability. Consequently, TRP is viewed as a preferred midstream play to own now.”
TRP has been the subject of a number of other research reports. Goldman Sachs Group initiated coverage on shares of Tc Pipelines in a research report on Monday, October 8th. They set a neutral rating and a $38.00 target price for the company. UBS Group initiated coverage on shares of Tc Pipelines in a research report on Thursday, October 4th. They set a neutral rating for the company. Wolfe Research cut shares of Tc Pipelines from an outperform rating to a market perform rating in a research report on Monday. CIBC restated a buy rating on shares of Tc Pipelines in a research report on Monday, November 12th. Finally, Morgan Stanley set a $28.00 target price on shares of Tc Pipelines and gave the stock a sell rating in a research report on Friday, September 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Tc Pipelines has a consensus rating of Hold and an average price target of $50.50.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.41. Tc Pipelines had a net margin of 25.58% and a return on equity of 13.43%. The firm had revenue of $3.16 billion during the quarter. During the same quarter last year, the business earned $0.70 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts expect that Tc Pipelines will post 2.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Monday, December 31st will be given a $0.524 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date is Friday, December 28th. Tc Pipelines’s dividend payout ratio is presently 84.87%.
A hedge fund recently raised its stake in Tc Pipelines stock. Salem Investment Counselors Inc. increased its position in Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,150 shares of the pipeline company’s stock after buying an additional 1,650 shares during the period. Salem Investment Counselors Inc.’s holdings in Tc Pipelines were worth $2,037,000 as of its most recent SEC filing. Institutional investors and hedge funds own 61.81% of the company’s stock.
About Tc Pipelines
TransCanada Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy segments. The company transports natural gas to local distribution companies, power generation and individual facilities, interconnecting pipelines, and other businesses.
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