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TC Pipelines, (NYSE:TCP) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Friday. The firm currently has a $61.00 price objective on the stock. Zacks‘s price target would indicate a potential upside of 19.05% from the stock’s previous close.

Zacks’ analyst wrote, “Following stellar first quarter results, we are upgrading our recommendation for TC PipeLines to Outperform from Neutral. We expect the natural gas transporter’s recent stake purchases in two major U.S. gas systems to be immediately accretive to earnings and distributable cash. Moreover, the partnership continues to leverage its relationship with parent TransCanada to make drop-down’ transactions As it is, we are a fan of TC PipeLines’ steady cash-flow generating pipeline assets, which provide stability and financial capacity to deliver cash distributions in a disciplined manner. Being incrementally more positive on the partnership, we see the stock performing above with the broader market. “

Shares of TC Pipelines, (NYSE:TCP) traded down 0.41% on Friday, hitting $51.24. 20,209 shares of the company’s stock traded hands. TC Pipelines, has a one year low of $43.06 and a one year high of $53.25. The stock’s 50-day moving average is $51.33 and its 200-day moving average is $48.85. The company has a market cap of $3.194 billion and a price-to-earnings ratio of 22.46.

TC Pipelines, (NYSE:TCP) last released its earnings data on Monday, April 28th. The company reported $0.90 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.60 by $0.30. Analysts expect that TC Pipelines, will post $2.66 EPS for the current fiscal year.

A number of other firms have also recently commented on TCP. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of TC Pipelines, in a research note on Monday. They now have a $52.00 price target on the stock, up previously from $46.50. Separately, analysts at Barclays upgraded shares of TC Pipelines, from an “underweight” rating to an “equal weight” rating in a research note on Monday, June 9th. They now have a $58.00 price target on the stock, up previously from $54.00. Finally, analysts at Ladenburg Thalmann downgraded shares of TC Pipelines, from a “buy” rating to a “neutral” rating in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. TC Pipelines, currently has an average rating of “Hold” and an average target price of $54.60.

TC PipeLines, LP (NYSE:TCP), acquires, owns and participates in the management of energy infrastructure businesses in North America.

To view Zacks’ full report, visit Zacks’ official website.

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