Kayne Anderson Capital Advisors LP Buys 1,183,526 Shares of TC Pipelines, LP (NYSE:TCP)

Kayne Anderson Capital Advisors LP boosted its stake in shares of TC Pipelines, LP (NYSE:TCP) by 466.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,437,123 shares of the pipeline company’s stock after acquiring an additional 1,183,526 shares during the quarter. TC Pipelines comprises about 0.9% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 23rd biggest position. Kayne Anderson Capital Advisors LP owned 2.02% of TC Pipelines worth $58,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Alps Advisors Inc. increased its stake in TC Pipelines by 38.0% during the third quarter. Alps Advisors Inc. now owns 6,503,992 shares of the pipeline company’s stock worth $264,517,000 after acquiring an additional 1,790,517 shares during the last quarter. California Public Employees Retirement System increased its stake in TC Pipelines by 33.4% during the third quarter. California Public Employees Retirement System now owns 130,741 shares of the pipeline company’s stock worth $5,317,000 after acquiring an additional 32,750 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in TC Pipelines during the third quarter worth approximately $61,000. BKD Wealth Advisors LLC increased its stake in TC Pipelines by 125.0% during the third quarter. BKD Wealth Advisors LLC now owns 13,500 shares of the pipeline company’s stock worth $549,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC bought a new position in shares of TC Pipelines during the third quarter valued at approximately $203,000. 65.97% of the stock is currently owned by institutional investors.

A number of research analysts have recently commented on TCP shares. Bank of America raised TC Pipelines from an “underperform” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Friday, September 20th. UBS Group raised TC Pipelines from a “neutral” rating to a “buy” rating and upped their target price for the company from $39.00 to $44.00 in a research note on Monday. Barclays reaffirmed a “hold” rating and set a $44.00 target price on shares of TC Pipelines in a research note on Wednesday, October 16th. Citigroup set a $40.00 target price on TC Pipelines and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, ValuEngine cut TC Pipelines from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. TC Pipelines presently has an average rating of “Hold” and a consensus target price of $41.86.

Shares of TCP traded down $0.59 during mid-day trading on Friday, reaching $39.48. 298,112 shares of the company’s stock traded hands, compared to its average volume of 205,947. TC Pipelines, LP has a 12 month low of $26.88 and a 12 month high of $42.11. The stock has a market cap of $2.85 billion, a P/E ratio of 9.44, a P/E/G ratio of 5.60 and a beta of 0.71. The stock’s 50-day moving average is $39.53 and its two-hundred day moving average is $38.18. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.63 and a quick ratio of 0.56.

TC Pipelines (NYSE:TCP) last announced its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. TC Pipelines had a positive return on equity of 35.63% and a negative net margin of 38.56%. The company had revenue of $93.00 million for the quarter. Research analysts predict that TC Pipelines, LP will post 3.56 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.65 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.60 annualized dividend and a yield of 6.59%. TC Pipelines’s dividend payout ratio (DPR) is currently 62.20%.

TC Pipelines Profile

TC Pipelines LP engages in nautral gas pipelines business. It transports natural gas in Western, Midwestern and Eastern United States. The firm is managed by its general partner TC Pipelines GP, Inc, which is an indirect, wholly-owned subsidiary of TransCanada. The company was founded in 1998 and is headquartered in Houston, TX.

Read More: Intrinsic Value and Stock Selection

Institutional Ownership by Quarter for TC Pipelines (NYSE:TCP)

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