TC Pipelines, (TCP) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS
TC Pipelines, (NYSE:TCP) announced its earnings results on Thursday. The company reported $0.58 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.55 by $0.03, AnalystRatings.Net reports.
A number of analysts have recently weighed in on TCP shares. Analysts at Zacks upgraded shares of TC Pipelines, from a “neutral” rating to an “outperform” rating in a research note on Friday, July 4th. They now have a $61.00 price target on the stock. On a related note, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of TC Pipelines, in a research note on Monday, June 30th. They now have a $52.00 price target on the stock, up previously from $46.50. Finally, 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $54.60.
Shares of TC Pipelines, (NYSE:TCP) traded down 0.21% during mid-day trading on Thursday, hitting $53.11. The stock had a trading volume of 34,625 shares. TC Pipelines, has a 52 week low of $43.06 and a 52 week high of $53.81. The stock’s 50-day moving average is $51. and its 200-day moving average is $49.37. The company has a market cap of $3.310 billion and a price-to-earnings ratio of 23.23. TC Pipelines, also saw a significant decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,135,566 shares, a decline of 34.9% from the June 13th total of 1,745,539 shares. Currently, 2.5% of the company’s shares are sold short. Based on an average daily trading volume, of 640,257 shares, the days-to-cover ratio is presently 1.8 days.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Tuesday, August 5th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 6.31%.
TC PipeLines, LP (NYSE:TCP), acquires, owns and participates in the management of energy infrastructure businesses in North America.
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