Argyll Research LLC decreased its position in shares of TC Pipelines, LP (NYSE:TCP) by 4.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,582,219 shares of the pipeline company’s stock after selling 74,993 shares during the quarter. TC Pipelines makes up 13.3% of Argyll Research LLC’s holdings, making the stock its 2nd largest holding. Argyll Research LLC owned 2.22% of TC Pipelines worth $47,988,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. lifted its stake in shares of TC Pipelines by 34.0% during the 2nd quarter. OppenheimerFunds Inc. now owns 12,258,566 shares of the pipeline company’s stock valued at $318,110,000 after buying an additional 3,113,696 shares in the last quarter. Alps Advisors Inc. lifted its stake in TC Pipelines by 6.3% in the 3rd quarter. Alps Advisors Inc. now owns 4,784,815 shares of the pipeline company’s stock worth $145,123,000 after purchasing an additional 284,533 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in TC Pipelines in the 3rd quarter worth $24,422,000. Tiedemann Advisors LLC lifted its stake in TC Pipelines by 28.0% in the 2nd quarter. Tiedemann Advisors LLC now owns 600,363 shares of the pipeline company’s stock worth $15,580,000 after purchasing an additional 131,400 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in TC Pipelines by 47.4% in the 2nd quarter. California Public Employees Retirement System now owns 169,953 shares of the pipeline company’s stock worth $4,410,000 after purchasing an additional 54,614 shares in the last quarter. Institutional investors own 61.45% of the company’s stock.
Shares of NYSE TCP opened at $29.79 on Monday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.95 and a current ratio of 1.02. The stock has a market cap of $2.12 billion, a PE ratio of 9.43 and a beta of 1.09. TC Pipelines, LP has a 12-month low of $22.64 and a 12-month high of $57.08.
TC Pipelines (NYSE:TCP) last announced its earnings results on Friday, November 9th. The pipeline company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.07. The firm had revenue of $103.00 million for the quarter. TC Pipelines had a net margin of 67.81% and a return on equity of 26.32%. As a group, sell-side analysts expect that TC Pipelines, LP will post 4.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Friday, November 2nd were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 8.73%. The ex-dividend date was Thursday, November 1st. TC Pipelines’s dividend payout ratio is 82.28%.
Several analysts have commented on TCP shares. Zacks Investment Research upgraded shares of TC Pipelines from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Friday, September 28th. Morgan Stanley set a $35.00 price target on shares of TC Pipelines and gave the stock a “sell” rating in a research note on Friday, October 19th. Barclays set a $31.00 price target on shares of TC Pipelines and gave the stock a “sell” rating in a research note on Saturday, October 13th. Finally, Goldman Sachs Group started coverage on shares of TC Pipelines in a research note on Monday, October 8th. They issued a “sell” rating and a $23.00 price target on the stock. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $42.80.
About TC Pipelines
TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.4 billion cubic feet per day of natural gas from producing regions and import facilities to market hubs and consuming markets primarily in the Western, Midwestern, and Eastern United States.
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