State of Tennessee Treasury Department cut its holdings in shares of Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 30.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 706,834 shares of the pipeline company’s stock after selling 307,132 shares during the quarter. State of Tennessee Treasury Department owned 0.08% of Tc Pipelines worth $48,885,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in TRP. M&G Investment Management Ltd. acquired a new stake in Tc Pipelines during the 4th quarter worth about $111,131,000. CIBC Asset Management Inc boosted its position in Tc Pipelines by 39.0% during the 3rd quarter. CIBC Asset Management Inc now owns 7,008,282 shares of the pipeline company’s stock worth $362,932,000 after acquiring an additional 1,967,911 shares during the period. QV Investors Inc. boosted its position in Tc Pipelines by 201,685.1% during the 3rd quarter. QV Investors Inc. now owns 1,311,603 shares of the pipeline company’s stock worth $89,976,000 after acquiring an additional 1,310,953 shares during the period. Cardinal Capital Management Inc. boosted its position in Tc Pipelines by 47.7% during the 4th quarter. Cardinal Capital Management Inc. now owns 1,529,841 shares of the pipeline company’s stock worth $81,596,000 after acquiring an additional 494,364 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its position in Tc Pipelines by 59.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,037,016 shares of the pipeline company’s stock worth $53,706,000 after acquiring an additional 388,344 shares during the period. Hedge funds and other institutional investors own 63.24% of the company’s stock.
Shares of Tc Pipelines stock traded up $0.74 during trading on Friday, hitting $56.35. 128,380 shares of the stock traded hands, compared to its average volume of 1,493,788. The stock has a market cap of $51.85 billion, a P/E ratio of 17.45, a PEG ratio of 3.30 and a beta of 0.73. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.71 and a current ratio of 0.75. Tc Pipelines Lp has a twelve month low of $41.86 and a twelve month high of $55.78. The company has a fifty day moving average price of $54.09 and a two-hundred day moving average price of $51.48.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, February 13th. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.25. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $3.71 billion. Tc Pipelines had a return on equity of 14.12% and a net margin of 29.37%. During the same period in the previous year, the company earned $1.03 EPS. On average, equities research analysts expect that Tc Pipelines Lp will post 3.1 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.612 per share. This represents a $2.45 annualized dividend and a dividend yield of 4.34%. This is a positive change from Tc Pipelines’s previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 30th. Tc Pipelines’s payout ratio is currently 77.52%.
A number of equities research analysts have commented on TRP shares. Credit Suisse Group set a $70.00 price objective on Tc Pipelines and gave the stock a “hold” rating in a research report on Monday, October 21st. UBS Group lifted their price target on Tc Pipelines from $66.00 to $71.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI reiterated a “hold” rating and set a $60.00 price target on shares of Tc Pipelines in a report on Wednesday, November 20th. TD Securities lowered Tc Pipelines to a “buy” rating in a report on Monday, November 4th. Finally, ValuEngine lowered Tc Pipelines from a “hold” rating to a “sell” rating in a report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $65.44.
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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