Citigroup Downgrades TC PipeLines (TCP) to Neutral

TC PipeLines (NYSE:TCP) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat Ratings reports. They presently have a $43.00 price objective on the pipeline company’s stock. Citigroup’s target price indicates a potential upside of 67.19% from the company’s previous close.

TCP has been the subject of several other research reports. Wells Fargo dropped their price target on TC PipeLines from $59.00 to $42.00 and set a “market perform” rating for the company in a research report on Thursday, March 22nd. Royal Bank of Canada dropped their target price on TC PipeLines to $45.00 and set an “outperform” rating for the company in a research report on Monday, March 19th. Zacks Investment Research upgraded TC PipeLines from a “sell” rating to a “hold” rating in a research report on Tuesday, April 17th. ValuEngine lowered TC PipeLines from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, Morgan Stanley dropped their target price on TC PipeLines from $56.00 to $37.00 and set an “underweight” rating for the company in a research report on Friday, March 23rd. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. TC PipeLines currently has an average rating of “Hold” and an average price target of $47.44.

TC PipeLines opened at $25.72 on Monday, according to MarketBeat Ratings. The stock has a market capitalization of $1.80 billion, a P/E ratio of 8.14, a P/E/G ratio of 1.39 and a beta of 1.14. TC PipeLines has a 12 month low of $25.78 and a 12 month high of $26.10. The company has a quick ratio of 1.25, a current ratio of 1.31 and a debt-to-equity ratio of 2.07.

TC PipeLines (NYSE:TCP) last released its quarterly earnings results on Wednesday, May 2nd. The pipeline company reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.24. The company had revenue of $115.00 million during the quarter. TC PipeLines had a return on equity of 25.66% and a net margin of 63.76%. analysts anticipate that TC PipeLines will post 3.2 earnings per share for the current year.

Several large investors have recently made changes to their positions in TCP. Wells Fargo & Company MN boosted its position in shares of TC PipeLines by 8.6% during the third quarter. Wells Fargo & Company MN now owns 47,034 shares of the pipeline company’s stock valued at $2,461,000 after buying an additional 3,714 shares during the period. Bank of Montreal Can boosted its holdings in shares of TC PipeLines by 7.2% in the fourth quarter. Bank of Montreal Can now owns 553,000 shares of the pipeline company’s stock valued at $29,364,000 after purchasing an additional 37,191 shares during the period. Mathes Company Inc. purchased a new stake in shares of TC PipeLines in the fourth quarter valued at approximately $272,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of TC PipeLines in the fourth quarter valued at approximately $152,000. Finally, Alps Advisors Inc. boosted its holdings in shares of TC PipeLines by 3.3% in the fourth quarter. Alps Advisors Inc. now owns 4,378,065 shares of the pipeline company’s stock valued at $232,475,000 after purchasing an additional 139,342 shares during the period. Institutional investors and hedge funds own 65.68% of the company’s stock.

About TC PipeLines

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.

Analyst Recommendations for TC PipeLines (NYSE:TCP)

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