Tc Pipelines (NYSE:TRP) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a research report released on Monday, Zacks.com reports. They currently have $53.00 price objective on the pipeline company’s stock.
According to Zacks, “TC Energy Corporation 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, TC Energy has a secured portfolio of C$30 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, TC Energy’s low-risk, recession-proof business model offers investors rock-solid revenue and cash flow stability. However, continued timing and cost overrun issues over large construction projects, especially the Keystone XL Pipeline, are major overhangs. Moreover, further share price appreciation will likely be tied to the progress on the debt reduction front. Hence, investors are advised to wait for a better entry point before buying shares.”
A number of other research firms also recently weighed in on TRP. Credit Suisse Group set a €80.00 ($93.02) price target on Siltronic and gave the stock a neutral rating in a research report on Wednesday, May 29th. Industrial Alliance Securities reaffirmed a buy rating on shares of Tc Pipelines in a research report on Monday, April 8th. Scotiabank reaffirmed an average rating and set a $72.00 price target on shares of Tc Pipelines in a research report on Tuesday, May 28th. Finally, GMP Securities reaffirmed a hold rating and set a $48.00 price target on shares of Suncor Energy in a research report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $54.43.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.04. Tc Pipelines had a return on equity of 13.72% and a net margin of 28.60%. The business had revenue of $2.62 billion during the quarter. As a group, research analysts anticipate that Tc Pipelines will post 2.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date is Thursday, June 27th. Tc Pipelines’s dividend payout ratio (DPR) is currently 76.85%.
A hedge fund recently raised its stake in Tc Pipelines stock. Foundations Investment Advisors LLC grew its position in shares of Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 23.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,755 shares of the pipeline company’s stock after acquiring an additional 4,890 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Tc Pipelines were worth $1,295,000 at the end of the most recent reporting period. 57.09% of the stock is owned by hedge funds and other institutional investors.
About Tc Pipelines
TC Energy 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 plants, industrial facilities, interconnecting pipelines, and other businesses.
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