Zacks Investment Research lowered shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a report released on Friday.
According to Zacks, “TransCanada is a predominantly natural gas pipeline operator with operations spanning Canada, the United States and Mexico. Its portfolio includes around C$36 billion of accretive growth projects to be placed into service through 2023. Of this, projects worth approximately C$10 billion are expected to come online by early 2019. Moreover, TransCanada's dividend appears to be highly secure, largely due to the stable cash flow that the company's long-term contracts provide. However, extensive delays and cost overruns on various projects are expected to take a toll on TransCanada’s financial strength. Moreover, the massive debt load of the company restricts its financial flexibility and limits growth. Therefore, the stock warrants a cautious stance. “
Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Tc Pipelines from a hold rating to a sell rating in a research report on Friday, December 28th. CIBC reiterated a buy rating on shares of Tc Pipelines in a research report on Friday, November 2nd. GMP Securities reiterated an average rating and set a $66.00 target price on shares of Tc Pipelines in a research report on Monday, November 19th. Morgan Stanley set a $28.00 target price on shares of Tc Pipelines and gave the company a sell rating in a research report on Friday, September 14th. Finally, Goldman Sachs Group lowered shares of Tc Pipelines from a neutral rating to a sell rating in a research report on Thursday, January 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Tc Pipelines presently has an average rating of Hold and a consensus price target of $50.50.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.59 by $0.41. The company had revenue of $3.16 billion during the quarter. Tc Pipelines had a net margin of 25.58% and a return on equity of 13.43%. Tc Pipelines’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. On average, equities analysts forecast that Tc Pipelines will post 2.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Shareholders of record on Monday, December 31st will be given a dividend of $0.524 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $2.10 annualized dividend and a yield of 5.16%. Tc Pipelines’s payout ratio is presently 84.87%.
An institutional investor recently raised its position in Tc Pipelines stock. Salem Investment Counselors Inc. lifted its holdings in Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 3.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 47,150 shares of the pipeline company’s stock after acquiring an additional 1,650 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Tc Pipelines were worth $2,037,000 at the end of the most recent quarter. 61.81% of the stock is currently owned by institutional investors.
Tc Pipelines Company Profile
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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