TC Pipelines, LP (NYSE:TCP) Short Interest Update

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TC Pipelines, LP (NYSE:TCP) was the target of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 792,800 shares, a growth of 8.4% from the April 30th total of 731,500 shares. Based on an average daily volume of 670,800 shares, the short-interest ratio is currently 1.2 days. Currently, 1.5% of the shares of the company are short sold.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCP. Icon Wealth Partners LLC boosted its holdings in shares of TC Pipelines by 5.0% in the 1st quarter. Icon Wealth Partners LLC now owns 11,875 shares of the pipeline company’s stock worth $326,000 after acquiring an additional 563 shares in the last quarter. AE Wealth Management LLC boosted its holdings in shares of TC Pipelines by 5.5% in the 4th quarter. AE Wealth Management LLC now owns 11,700 shares of the pipeline company’s stock worth $495,000 after acquiring an additional 610 shares in the last quarter. Savior LLC acquired a new position in shares of TC Pipelines in the 4th quarter worth approximately $30,000. Rafferty Asset Management LLC boosted its holdings in shares of TC Pipelines by 1.8% in the 4th quarter. Rafferty Asset Management LLC now owns 61,960 shares of the pipeline company’s stock worth $2,621,000 after acquiring an additional 1,113 shares in the last quarter. Finally, Archer Investment Corp acquired a new position in shares of TC Pipelines in the 4th quarter worth approximately $50,000. 67.69% of the stock is currently owned by institutional investors.

NYSE TCP opened at $34.71 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 2.42. The stock’s 50 day moving average is $31.76 and its two-hundred day moving average is $36.91. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 9.46 and a beta of 1.11. TC Pipelines has a 1-year low of $18.00 and a 1-year high of $44.65.

TC Pipelines (NYSE:TCP) last released its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The company had revenue of $101.00 million for the quarter, compared to analyst estimates of $166.87 million. TC Pipelines had a net margin of 70.08% and a return on equity of 36.72%. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. On average, analysts predict that TC Pipelines will post 3.5 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Friday, May 1st were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 7.49%. The ex-dividend date was Thursday, April 30th. TC Pipelines’s payout ratio is 69.52%.

A number of research firms have recently commented on TCP. ValuEngine upgraded TC Pipelines from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 2nd. JPMorgan Chase & Co. upgraded TC Pipelines from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $46.00 in a research note on Wednesday, April 15th. Royal Bank of Canada upgraded TC Pipelines from a “sector perform” rating to an “outperform” rating and set a $44.00 price target on the stock in a research note on Monday, March 16th. Jefferies Financial Group started coverage on TC Pipelines in a research note on Tuesday, May 12th. They set a “buy” rating and a $39.00 price target on the stock. Finally, Wolfe Research upgraded TC Pipelines from a “peer perform” rating to an “outperform” rating and lowered their price target for the company from $44.00 to $32.00 in a research note on Friday, March 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $41.60.

About TC Pipelines

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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