TC Pipelines (NYSE:TCP) Upgraded to Buy by Zacks Investment Research

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TC Pipelines (NYSE:TCP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $42.00 target price on the pipeline company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.46% from the stock’s current price.

According to Zacks, “TC PipeLines boasts of a stable, recurring and low-risk earnings and cash flow model, with interests in key gas transportation assets. In particular, TC Pipelines’ enviable position as a supplier of gas from some of the most important shale basins in the United States provides it with ample growth opportunities. The firm also continues to benefit from its stake in the Northern Border Pipeline, the primary transporter of gas from the low-cost Western Canada Sedimentary Basin. However, FERC's revised tax policy has hit the midstream operator hard. Further, the firm carries an elevated leverage of 75% which limits its growth prospects. That said, the biggest near-term threat to TC PipeLines is the concern about fewer opportunities for dropdown transactions from sponsor TC Energy. As such, TC PipeLines warrants a cautious stance as of now.”

TCP has been the topic of several other research reports. Wells Fargo & Co set a $162.00 target price on shares of Jazz Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, March 19th. JPMorgan Chase & Co. upped their target price on shares of Yum China from $36.50 to $48.00 and gave the stock an “overweight” rating in a report on Monday, March 18th. Barclays set a €45.00 ($52.33) target price on shares of Zalando and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $35.57.

TCP opened at $39.45 on Tuesday. The stock has a 50-day moving average price of $37.66. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 2.81. TC Pipelines has a twelve month low of $26.88 and a twelve month high of $40.26. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 9.44, a price-to-earnings-growth ratio of 5.55 and a beta of 0.67.

TC Pipelines (NYSE:TCP) last posted its earnings results on Wednesday, May 8th. The pipeline company reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.16. TC Pipelines had a negative net margin of 33.82% and a positive return on equity of 33.52%. The business had revenue of $113.00 million for the quarter. As a group, sell-side analysts predict that TC Pipelines will post 3.53 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tortoise Index Solutions LLC lifted its position in TC Pipelines by 17.5% during the 1st quarter. Tortoise Index Solutions LLC now owns 22,576 shares of the pipeline company’s stock valued at $843,000 after purchasing an additional 3,365 shares during the period. BNP Paribas Arbitrage SA lifted its position in TC Pipelines by 33.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 38,467 shares of the pipeline company’s stock valued at $1,437,000 after purchasing an additional 9,670 shares during the period. Conning Inc. lifted its position in TC Pipelines by 41.8% during the 1st quarter. Conning Inc. now owns 51,987 shares of the pipeline company’s stock valued at $1,942,000 after purchasing an additional 15,330 shares during the period. LPL Financial LLC lifted its position in TC Pipelines by 9.2% during the 4th quarter. LPL Financial LLC now owns 23,824 shares of the pipeline company’s stock valued at $765,000 after purchasing an additional 2,001 shares during the period. Finally, Timber Hill LLC acquired a new position in TC Pipelines during the 1st quarter valued at about $202,000. Institutional investors and hedge funds own 63.04% of the company’s stock.

TC Pipelines Company Profile

TC Pipelines LP engages in nautral gas pipelines business. It transports natural gas in Western, Midwestern and Eastern United States. The firm is managed by its general partner TC Pipelines GP, Inc, which is an indirect, wholly-owned subsidiary of TransCanada. The company was founded in 1998 and is headquartered in Houston, TX.

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