Tc Pipelines (TRP) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from a hold rating to a buy rating in a report released on Monday. They currently have $45.00 price target on the pipeline company’s stock.
According to Zacks, “Following TransCanada Corporation's stronger-than-expected third-quarter earnings, the company's rating is upgraded to a 'Buy’. Over the past few quarters, TransCanada's operational and financial results have been meeting or exceeding expectations on the back of strength in its expansion projects in U.S. gas pipelines and liquids segments. TRP is a predominantly natural gas pipeline operator with operations spanning Canada, the United States and Mexico. A quality stock with industry leading wide moat assets, it has a secured portfolio of C$36 billion in growth projects. This should support the company’s stated dividend growth commitment of 8-10% annually out to 2021. Underpinned by long-term contracts, TransCanada’s low-risk, recession-proof business model offers investors rock-solid revenue and cash flow stability. Consequently, TRP is viewed as a preferred midstream play to own now.”
Other analysts have also issued research reports about the company. GMP Securities reaffirmed an average rating and issued a $66.00 price objective on shares of Tc Pipelines in a report on Monday. Deutsche Bank lifted their price objective on Tc Pipelines from $57.00 to $59.00 and gave the stock a buy rating in a report on Wednesday, August 15th. CIBC reaffirmed a buy rating on shares of Tc Pipelines in a report on Monday, November 12th. Goldman Sachs Group initiated coverage on Tc Pipelines in a report on Monday, October 8th. They issued a neutral rating and a $38.00 price objective for the company. Finally, UBS Group initiated coverage on Tc Pipelines in a report on Thursday, October 4th. They issued a neutral rating for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. Tc Pipelines has a consensus rating of Hold and an average target price of $50.67.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.41. Tc Pipelines had a return on equity of 13.43% and a net margin of 25.58%. The company had revenue of $3.16 billion during the quarter. During the same period in the previous year, the firm earned $0.70 EPS. The business’s revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Tc Pipelines will post 2.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 31st. Shareholders of record on Monday, December 31st will be issued a dividend of $0.524 per share. This represents a $2.10 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Friday, December 28th. Tc Pipelines’s dividend payout ratio is presently 89.50%.
A number of large investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board grew its holdings in Tc Pipelines by 4.2% during the second quarter. Canada Pension Plan Investment Board now owns 277,452 shares of the pipeline company’s stock valued at $11,994,000 after purchasing an additional 11,300 shares during the period. Salem Investment Counselors Inc. grew its holdings in Tc Pipelines by 3.6% during the second quarter. Salem Investment Counselors Inc. now owns 47,150 shares of the pipeline company’s stock valued at $2,037,000 after purchasing an additional 1,650 shares during the period. Oxbow Advisors LLC grew its holdings in Tc Pipelines by 4.6% during the second quarter. Oxbow Advisors LLC now owns 29,848 shares of the pipeline company’s stock valued at $1,289,000 after purchasing an additional 1,300 shares during the period. SG Americas Securities LLC grew its holdings in Tc Pipelines by 88.3% during the second quarter. SG Americas Securities LLC now owns 16,979 shares of the pipeline company’s stock valued at $733,000 after purchasing an additional 7,961 shares during the period. Finally, FDx Advisors Inc. grew its holdings in Tc Pipelines by 36.1% during the second quarter. FDx Advisors Inc. now owns 9,338 shares of the pipeline company’s stock valued at $403,000 after purchasing an additional 2,475 shares during the period. 60.46% of the stock is owned by institutional investors and hedge funds.
Tc Pipelines Company Profile
TransCanada Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy segments. The company transports natural gas to local distribution companies, power generation and individual facilities, interconnecting pipelines, and other businesses.
Featured Article: Return on Investment (ROI) Defined, Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.