Nuveen Asset Management LLC acquired a new position in shares of Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 222,406 shares of the pipeline company’s stock, valued at approximately $11,014,000.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Tc Pipelines by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 28,384,611 shares of the pipeline company’s stock worth $1,405,605,000 after buying an additional 694,444 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Tc Pipelines during the 2nd quarter worth approximately $616,147,000. JPMorgan Chase & Co. raised its stake in shares of Tc Pipelines by 28.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,573,372 shares of the pipeline company’s stock worth $567,443,000 after buying an additional 2,594,158 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Tc Pipelines by 1.2% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 10,159,641 shares of the pipeline company’s stock worth $504,736,000 after buying an additional 119,934 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Tc Pipelines by 94.4% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 7,506,205 shares of the pipeline company’s stock worth $377,974,000 after buying an additional 3,645,514 shares in the last quarter. 58.87% of the stock is owned by institutional investors.
A number of equities analysts have recently issued reports on the company. Bank of America increased their target price on Tc Pipelines from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. ValuEngine downgraded Tc Pipelines from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded Tc Pipelines from a “buy” rating to a “hold” rating and set a $53.00 price objective for the company. in a research note on Monday, July 8th. CIBC reaffirmed an “average” rating and issued a $70.00 price objective on shares of Tc Pipelines in a research note on Sunday, August 4th. Finally, Scotiabank downgraded Tc Pipelines from an “outperform” rating to a “sector perform” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $65.33.
NYSE TRP opened at $51.17 on Friday. Tc Pipelines Lp has a 1-year low of $34.58 and a 1-year high of $52.69. The company has a market capitalization of $47.94 billion, a P/E ratio of 16.63, a PEG ratio of 2.36 and a beta of 0.75. The business has a 50 day moving average price of $50.88 and a 200 day moving average price of $48.95. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.44 and a quick ratio of 0.40.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.25. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Tc Pipelines had a return on equity of 14.01% and a net margin of 30.39%. During the same quarter in the prior year, the firm earned $0.86 EPS. On average, research analysts expect that Tc Pipelines Lp will post 3.12 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.568 per share. This represents a $2.27 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Friday, September 27th. This is a boost from Tc Pipelines’s previous quarterly dividend of $0.56. Tc Pipelines’s dividend payout ratio is 76.17%.
Tc Pipelines Profile
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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