Bank of America cut shares of TC Pipelines (NYSE:TCP) from a neutral rating to an underperform rating in a research report released on Wednesday, Marketbeat.com reports.
TCP has been the subject of several other reports. Citigroup upgraded TC Pipelines from a neutral rating to a buy rating and set a $58.00 target price for the company in a report on Friday, December 8th. Barclays reiterated a sell rating and issued a $55.00 target price on shares of TC Pipelines in a report on Friday, January 19th. Tudor Pickering started coverage on TC Pipelines in a report on Friday, January 12th. They issued a hold rating and a $58.00 target price for the company. UBS reiterated a buy rating and issued a $55.00 target price (down from $58.00) on shares of TC Pipelines in a report on Friday, March 2nd. Finally, Zacks Investment Research cut TC Pipelines from a hold rating to a sell rating in a report on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $52.00.
TCP stock opened at $34.24 on Wednesday. The company has a market capitalization of $2,490.72, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 2.00 and a beta of 0.94. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.90 and a quick ratio of 0.82. TC Pipelines has a 12-month low of $34.19 and a 12-month high of $61.74.
Several hedge funds and other institutional investors have recently modified their holdings of TCP. The Manufacturers Life Insurance Company lifted its stake in shares of TC Pipelines by 8.0% during the 2nd 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 during the last quarter. Captrust Financial Advisors purchased a new stake in shares of TC Pipelines during the 4th quarter worth $120,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of TC Pipelines during the 4th quarter worth $152,000. Mathes Company Inc. purchased a new stake in shares of TC Pipelines during the 4th quarter worth $272,000. Finally, Koch Industries Inc. purchased a new stake in shares of TC Pipelines during the 4th quarter worth $401,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Bank of America Downgrades TC Pipelines (TCP) to Underperform” was first published by Ticker Report and is the property of of Ticker Report. If you are viewing this piece on another domain, it was stolen and reposted in violation of United States & international copyright and trademark legislation. The original version of this piece can be accessed at https://www.tickerreport.com/banking-finance/3298590/bank-of-america-downgrades-tc-pipelines-tcp-to-underperform.html.
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.
Receive News & Ratings for TC Pipelines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TC Pipelines and related companies with MarketBeat.com's FREE daily email newsletter.