Municipal Employees Retirement System of Michigan increased its stake in shares of TC PipeLines, LP (NYSE:TCP) by 2.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,840 shares of the pipeline company’s stock after buying an additional 1,200 shares during the period. Municipal Employees Retirement System of Michigan owned 0.08% of TC PipeLines, worth $3,016,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in TCP. Clinton Group Inc. boosted its stake in shares of TC PipeLines, by 99.4% in the first quarter. Clinton Group Inc. now owns 43,372 shares of the pipeline company’s stock valued at $2,588,000 after buying an additional 21,626 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of TC PipeLines, by 42.7% in the first quarter. First Trust Advisors LP now owns 206,276 shares of the pipeline company’s stock valued at $12,306,000 after buying an additional 61,751 shares during the last quarter. Bollard Group LLC boosted its stake in shares of TC PipeLines, by 1.5% in the second quarter. Bollard Group LLC now owns 213,885 shares of the pipeline company’s stock valued at $11,764,000 after buying an additional 3,210 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of TC PipeLines, by 3.3% in the first quarter. JPMorgan Chase & Co. now owns 839,551 shares of the pipeline company’s stock valued at $50,088,000 after buying an additional 27,149 shares during the last quarter. Finally, RMB Capital Management LLC bought a new stake in shares of TC PipeLines, during the first quarter valued at about $293,000. Institutional investors and hedge funds own 61.22% of the company’s stock.
Shares of TC PipeLines, LP (NYSE:TCP) opened at 50.55 on Friday. The firm has a market capitalization of $3.51 billion, a PE ratio of 16.11 and a beta of 0.97. The firm has a 50-day moving average price of $55.70 and a 200-day moving average price of $57.94. TC PipeLines, LP has a 1-year low of $47.12 and a 1-year high of $65.03.
TC PipeLines, (NYSE:TCP) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $101 million during the quarter, compared to analyst estimates of $117.39 million. TC PipeLines, had a net margin of 62.63% and a return on equity of 19.77%. On average, analysts forecast that TC PipeLines, LP will post $3.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 7.91%. The ex-dividend date of this dividend was Friday, July 28th. This is a positive change from TC PipeLines,’s previous quarterly dividend of $0.94. TC PipeLines,’s dividend payout ratio is 127.80%.
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TCP has been the topic of several analyst reports. Zacks Investment Research upgraded TC PipeLines, from a “sell” rating to a “hold” rating in a research note on Tuesday, May 9th. BidaskClub cut TC PipeLines, from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. Barclays PLC restated a “sell” rating and issued a $57.00 price target on shares of TC PipeLines, in a research note on Friday, July 21st. Wolfe Research initiated coverage on TC PipeLines, in a research note on Friday, May 12th. They issued a “market perform” rating and a $60.00 price target on the stock. Finally, UBS AG restated a “buy” rating and issued a $68.00 price target (up from $67.00) on shares of TC PipeLines, in a research note on Friday, May 5th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $63.33.
TC PipeLines, Company Profile
TC PipeLines, LP is a master limited partnership. The Company acquires, owns and participates in the management of energy infrastructure businesses in North America. The Company’s pipeline systems transport natural gas in the United States. As of December 31, 2016, the Company had four pipelines and equity ownership interests in three natural gas interstate pipeline systems that are collectively designed to transport approximately 9.1 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.
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