Parkside Financial Bank & Trust cut its position in TC PipeLines, LP (NYSE:TCP) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,135 shares of the pipeline company’s stock after selling 155 shares during the period. Parkside Financial Bank & Trust’s holdings in TC PipeLines, were worth $1,107,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Albert D Mason Inc. increased its position in TC PipeLines, by 0.6% in the first quarter. Albert D Mason Inc. now owns 37,412 shares of the pipeline company’s stock worth $2,232,000 after buying an additional 230 shares in the last quarter. Jennison Associates LLC boosted its stake in TC PipeLines, by 43.6% in the first quarter. Jennison Associates LLC now owns 117,958 shares of the pipeline company’s stock worth $7,037,000 after buying an additional 35,813 shares during the last quarter. Virtu Financial LLC boosted its stake in TC PipeLines, by 33.2% in the first quarter. Virtu Financial LLC now owns 8,768 shares of the pipeline company’s stock worth $523,000 after buying an additional 2,185 shares during the last quarter. Conning Inc. boosted its stake in TC PipeLines, by 9.9% in the first quarter. Conning Inc. now owns 45,564 shares of the pipeline company’s stock worth $2,718,000 after buying an additional 4,109 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in TC PipeLines, by 5.3% in the first quarter. IFP Advisors Inc now owns 1,993 shares of the pipeline company’s stock worth $119,000 after buying an additional 100 shares during the last quarter. 61.22% of the stock is owned by hedge funds and other institutional investors.
Shares of TC PipeLines, LP (TCP) traded down 0.75% during trading on Friday, reaching $50.55. The company had a trading volume of 75,989 shares. The company has a 50 day moving average of $55.70 and a 200-day moving average of $57.94. TC PipeLines, LP has a 52-week low of $47.12 and a 52-week high of $65.03. The firm has a market capitalization of $3.51 billion, a P/E ratio of 16.11 and a beta of 0.97.
TC PipeLines, (NYSE:TCP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.74 by $0.01. TC PipeLines, had a net margin of 62.63% and a return on equity of 19.77%. The company had revenue of $101 million during the quarter, compared to analyst estimates of $117.39 million. Equities analysts expect that TC PipeLines, LP will post $3.25 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were issued a $1.00 dividend. This is an increase from TC PipeLines,’s previous quarterly dividend of $0.94. This represents a $4.00 annualized dividend and a dividend yield of 7.91%. The ex-dividend date of this dividend was Friday, July 28th. TC PipeLines,’s dividend payout ratio is 127.80%.
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TCP has been the topic of a number of recent analyst reports. Barclays PLC restated an “underweight” rating and set a $58.00 price objective (up from $57.00) on shares of TC PipeLines, in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of TC PipeLines, from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. BidaskClub cut shares of TC PipeLines, from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Wolfe Research started coverage on shares of TC PipeLines, in a research report on Friday, May 12th. They issued a “market perform” rating and a $60.00 price target on the stock. Finally, UBS AG reiterated a “buy” rating and issued a $68.00 price target (up from $67.00) on shares of TC PipeLines, in a research report 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 company. TC PipeLines, has an average rating of “Hold” and a consensus 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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