TC Pipelines, Reaches New 52-Week High Following Earnings Beat (TCP)
Shares of TC Pipelines, (NYSE:TCP) hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings, Analyst Ratings Net reports. The stock traded as high as $53.25 and last traded at $52.93, with a volume of 137,351 shares. The stock had previously closed at $52.90.
The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.30.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, May 15th. Investors of record on Monday, May 5th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 6.12%. The ex-dividend date is Thursday, May 1st.
A number of analysts have recently weighed in on TCP shares. Analysts at Barclays reiterated an “underweight” rating on shares of TC Pipelines, in a research note on Tuesday. They now have a $54.00 price target on the stock. Separately, analysts at Zacks upgraded shares of TC Pipelines, from an “underperform” rating to a “neutral” rating in a research note on Thursday, April 24th. They now have a $54.00 price target on the stock. Finally, analysts at Citigroup Inc. upgraded shares of TC Pipelines, from a “sell” rating to a “neutral” rating in a research note on Friday, March 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.50.
The stock’s 50-day moving average is $48.97 and its 200-day moving average is $47.7. The company has a market cap of $3.295 billion and a price-to-earnings ratio of 24.73.
TC PipeLines, LP (NYSE:TCP), acquires, owns and participates in the management of energy infrastructure businesses in North America.
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