Tc Pipelines (NYSE:TRP) Downgraded to “Sector Perform” at Scotiabank

Scotiabank downgraded shares of Tc Pipelines (NYSE:TRP) (TSE:TRP) from an outperform rating to a sector perform rating in a report released on Thursday, The Fly reports.

Several other research analysts have also recently issued reports on TRP. Zacks Investment Research cut Tc Pipelines from a buy rating to a hold rating and set a $53.00 price objective for the company. in a research report on Monday, July 8th. Bank of America upped their target price on Tc Pipelines from $64.00 to $66.00 and gave the company a buy rating in a report on Tuesday, July 30th. ValuEngine lowered Tc Pipelines from a hold rating to a sell rating in a report on Wednesday, October 2nd. Finally, CIBC reissued an average rating and issued a $70.00 target price on shares of Tc Pipelines in a report on Sunday, August 4th. Two 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 presently has an average rating of Hold and an average price target of $65.33.

NYSE:TRP traded down $0.20 during trading hours on Thursday, hitting $50.97. The company’s stock had a trading volume of 423,773 shares, compared to its average volume of 1,724,762. The business’s 50-day moving average is $50.88 and its two-hundred day moving average is $48.95. The company has a market capitalization of $47.71 billion, a PE ratio of 17.10, a PEG ratio of 2.35 and a beta of 0.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.40 and a current ratio of 0.44. Tc Pipelines has a 52-week low of $34.58 and a 52-week high of $52.69.

Tc Pipelines (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.25. The firm had revenue of $2.52 billion during 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 business posted $0.86 earnings per share. As a group, analysts predict that Tc Pipelines will post 3.12 EPS for the current fiscal year.

The company 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 $0.568 dividend. This is a positive change from Tc Pipelines’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, September 27th. This represents a $2.27 annualized dividend and a yield of 4.46%. Tc Pipelines’s dividend payout ratio is 76.17%.

A number of institutional investors have recently bought and sold shares of TRP. Cornerstone Advisors Inc. grew its holdings in Tc Pipelines by 25.1% in the second quarter. Cornerstone Advisors Inc. now owns 1,078 shares of the pipeline company’s stock valued at $53,000 after purchasing an additional 216 shares during the last quarter. AGF Investments LLC acquired a new stake in shares of Tc Pipelines during the second quarter valued at $87,000. Glassman Wealth Services acquired a new stake in shares of Tc Pipelines during the second quarter valued at $139,000. First Manhattan Co. acquired a new stake in shares of Tc Pipelines during the second quarter valued at $200,000. Finally, Roberts Glore & Co. Inc. IL acquired a new stake in shares of Tc Pipelines during the second quarter valued at $212,000. 58.87% of the stock is currently owned by 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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