Allianz Asset Management GmbH decreased its position in shares of TC Pipelines, LP (NYSE:TCP) by 5.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 564,572 shares of the pipeline company’s stock after selling 32,500 shares during the period. Allianz Asset Management GmbH owned 0.79% of TC Pipelines worth $17,123,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP lifted its stake in shares of TC Pipelines by 116.7% during the second quarter. First Trust Advisors LP now owns 72,135 shares of the pipeline company’s stock valued at $1,872,000 after buying an additional 38,840 shares during the period. Prescott Group Capital Management L.L.C. purchased a new position in TC Pipelines during the second quarter worth approximately $1,323,000. Albert D Mason Inc. raised its stake in TC Pipelines by 9.8% during the third quarter. Albert D Mason Inc. now owns 57,701 shares of the pipeline company’s stock worth $1,750,000 after purchasing an additional 5,142 shares during the period. OppenheimerFunds Inc. raised its stake in TC Pipelines by 34.0% during the second quarter. OppenheimerFunds Inc. now owns 12,258,566 shares of the pipeline company’s stock worth $318,110,000 after purchasing an additional 3,113,696 shares during the period. Finally, California Public Employees Retirement System raised its stake in TC Pipelines by 47.4% during the second 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 during the period. 63.21% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on TCP. Goldman Sachs Group began coverage on shares of TC Pipelines in a research note on Monday, October 8th. They set a “sell” rating and a $23.00 price target on the stock. Zacks Investment Research raised 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. Finally, 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. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.80.
NYSE:TCP opened at $30.55 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 1.90. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 9.67 and a beta of 1.11. TC Pipelines, LP has a fifty-two week low of $22.64 and a fifty-two week high of $57.08.
TC Pipelines (NYSE:TCP) last posted its quarterly earnings results on Friday, November 9th. The pipeline company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.07. The company 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%. On average, equities analysts predict that TC Pipelines, LP will post 4.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Friday, November 2nd were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 8.51%. The ex-dividend date was Thursday, November 1st. TC Pipelines’s payout ratio is currently 82.28%.
TC Pipelines Company Profile
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.
Further Reading: Dividend Stocks – Are They Right For You?
Receive News & Ratings for TC Pipelines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TC Pipelines and related companies with MarketBeat.com's FREE daily email newsletter.