TC Pipelines (TCP) Sets New 12-Month Low Following Analyst Downgrade

Shares of TC Pipelines, LP (NYSE:TCP) reached a new 52-week low during trading on Thursday after Morgan Stanley lowered their price target on the stock from $56.00 to $37.00. Morgan Stanley currently has an underweight rating on the stock. TC Pipelines traded as low as $35.14 and last traded at $35.09, with a volume of 184294 shares changing hands. The stock had previously closed at $35.84.

TCP has been the subject of a number of other reports. Bank of America cut TC Pipelines from a “neutral” rating to an “underperform” rating in a research report on Wednesday. Citigroup upgraded TC Pipelines from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Friday, December 8th. Barclays restated a “sell” rating and issued a $55.00 price objective on shares of TC Pipelines in a research report on Friday, January 19th. Ladenburg Thalmann Financial Services set a $50.00 price objective on TC Pipelines and gave the company a “hold” rating in a research report on Friday, March 16th. Finally, UBS restated a “buy” rating and issued a $55.00 price objective (down from $58.00) on shares of TC Pipelines in a research report on Friday, March 2nd. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $52.00.

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Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position 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 purchasing an additional 149 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of TC Pipelines during the fourth quarter worth approximately $120,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of TC Pipelines during the fourth quarter worth approximately $152,000. Mathes Company Inc. purchased a new stake in shares of TC Pipelines during the fourth quarter worth approximately $272,000. Finally, Koch Industries Inc. purchased a new stake in shares of TC Pipelines during the fourth quarter worth approximately $401,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.

The company has a quick ratio of 0.82, a current ratio of 0.90 and a debt-to-equity ratio of 2.20. The stock has a market cap of $2,490.72, a PE ratio of 11.05, a P/E/G ratio of 2.00 and a beta of 0.94.

TC Pipelines (NYSE:TCP) last issued its quarterly earnings results on Friday, February 23rd. The pipeline company reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.01). TC Pipelines had a return on equity of 22.80% and a net margin of 62.66%. The firm had revenue of $109.00 million for the quarter, compared to analysts’ expectations of $137.19 million. analysts anticipate that TC Pipelines, LP will post 3.06 earnings per share for the current fiscal year.

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TC Pipelines Company Profile

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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