Hsbc Holdings PLC bought a new stake in shares of TC Pipelines, LP (NYSE:TCP) during the fourth quarter, HoldingsChannel reports. The fund bought 43,914 shares of the pipeline company’s stock, valued at approximately $1,410,000.
A number of other large investors also recently made changes to their positions in the business. OppenheimerFunds Inc. grew its holdings in TC Pipelines by 15.4% during the 3rd quarter. OppenheimerFunds Inc. now owns 14,142,771 shares of the pipeline company’s stock valued at $428,951,000 after buying an additional 1,884,205 shares during the last quarter. Alps Advisors Inc. grew its holdings in TC Pipelines by 12.6% during the 4th quarter. Alps Advisors Inc. now owns 5,385,639 shares of the pipeline company’s stock valued at $172,987,000 after buying an additional 600,824 shares during the last quarter. Brookfield Asset Management Inc. grew its holdings in TC Pipelines by 0.4% during the 3rd quarter. Brookfield Asset Management Inc. now owns 4,681,610 shares of the pipeline company’s stock valued at $141,993,000 after buying an additional 19,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in TC Pipelines by 3.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 831,798 shares of the pipeline company’s stock valued at $26,717,000 after buying an additional 26,577 shares during the last quarter. Finally, Freestone Capital Holdings LLC grew its holdings in TC Pipelines by 2.1% during the 3rd quarter. Freestone Capital Holdings LLC now owns 157,282 shares of the pipeline company’s stock valued at $4,770,000 after buying an additional 3,227 shares during the last quarter. Hedge funds and other institutional investors own 62.69% of the company’s stock.
TCP has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their target price on TC Pipelines from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Monday. Wolfe Research cut TC Pipelines from a “market perform” rating to an “underperform” rating in a report on Monday, January 7th. Zacks Investment Research cut TC Pipelines from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 15th. ValuEngine upgraded TC Pipelines from a “strong sell” rating to a “sell” rating in a report on Tuesday. Finally, Barclays reiterated a “sell” rating and set a $33.00 target price on shares of TC Pipelines in a report on Friday, February 22nd. Six investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $37.75.
TC Pipelines (NYSE:TCP) last issued its earnings results on Thursday, February 21st. The pipeline company reported $1.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.23. TC Pipelines had a positive return on equity of 30.60% and a negative net margin of 33.15%. The firm had revenue of $220.00 million for the quarter. As a group, equities research analysts predict that TC Pipelines, LP will post 3.42 EPS for the current year.
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About TC Pipelines
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.
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