TC Pipelines (TCP) Upgraded to “Outperform” by Wells Fargo & Co

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Wells Fargo & Co upgraded shares of TC Pipelines (NYSE:TCP) from a market perform rating to an outperform rating in a report published on Tuesday morning, Marketbeat reports. The firm currently has $38.00 price objective on the pipeline company’s stock, up from their previous price objective of $31.00.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised TC Pipelines from a hold rating to a buy rating and set a $35.00 target price on the stock in a research note on Saturday, January 5th. ValuEngine raised TC Pipelines from a strong sell rating to a sell rating in a research note on Tuesday. Barclays reissued a sell rating and set a $33.00 price target on shares of TC Pipelines in a research note on Friday, February 22nd. Wolfe Research lowered TC Pipelines from a market perform rating to an underperform rating in a research note on Monday, January 7th. Finally, JPMorgan Chase & Co. increased their price target on TC Pipelines from $35.00 to $38.00 and gave the stock an underweight rating in a research note on Monday. Six equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $37.75.

TCP stock opened at $37.06 on Tuesday. TC Pipelines has a 1 year low of $22.64 and a 1 year high of $37.21. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.99 and a current ratio of 1.08. The company has a market capitalization of $2.59 billion, a P/E ratio of 8.87 and a beta of 0.76.

TC Pipelines (NYSE:TCP) last posted its earnings results on Thursday, February 21st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. Analysts expect that TC Pipelines will post 3.42 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the business. Bollard Group LLC raised its position in shares of TC Pipelines by 3.0% in the 4th quarter. Bollard Group LLC now owns 13,107 shares of the pipeline company’s stock worth $421,000 after buying an additional 377 shares during the period. Portfolio Solutions LLC purchased a new position in shares of TC Pipelines in the 4th quarter worth $36,000. Signet Investment Advisory Group Inc. purchased a new position in shares of TC Pipelines in the 4th quarter worth $41,000. Advisory Services Network LLC raised its position in shares of TC Pipelines by 173.3% in the 4th quarter. Advisory Services Network LLC now owns 2,050 shares of the pipeline company’s stock worth $66,000 after buying an additional 1,300 shares during the period. Finally, Arlington Partners LLC purchased a new position in shares of TC Pipelines in the 4th quarter worth $48,000. 62.69% of the stock is currently owned by institutional investors.

TC Pipelines Company Profile

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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Analyst Recommendations for TC Pipelines (NYSE:TCP)

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