Cidel Asset Management Inc. cut its holdings in Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 10.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,108,000 shares of the pipeline company’s stock after selling 127,659 shares during the period. Tc Pipelines comprises approximately 3.6% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Cidel Asset Management Inc. owned approximately 0.12% of Tc Pipelines worth $70,195,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in TRP. Cornerstone Advisors Inc. boosted its position in Tc Pipelines by 25.1% during the second quarter. Cornerstone Advisors Inc. now owns 1,078 shares of the pipeline company’s stock worth $53,000 after purchasing an additional 216 shares during the period. AGF Investments LLC bought a new position in Tc Pipelines during the second quarter worth $87,000. Glassman Wealth Services bought a new position in Tc Pipelines during the second quarter worth $139,000. Mawer Investment Management Ltd. bought a new position in Tc Pipelines during the second quarter worth $225,000. Finally, Landmark Bank acquired a new stake in shares of Tc Pipelines during the second quarter worth $228,000. 58.87% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on TRP. Zacks Investment Research downgraded Tc Pipelines from a “buy” rating to a “hold” rating and set a $53.00 price target for the company. in a research note on Monday, July 8th. Scotiabank reissued an “average” rating and set a $72.00 target price on shares of Tc Pipelines in a research note on Tuesday, May 28th. Credit Suisse Group downgraded Tc Pipelines from an “outperform” rating to a “neutral” rating in a research note on Wednesday, May 29th. CIBC restated an “average” rating and set a $70.00 price target on shares of Tc Pipelines in a report on Sunday, August 4th. Finally, ValuEngine cut Tc Pipelines from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Tc Pipelines currently has a consensus rating of “Hold” and an average price target of $57.25.
Shares of Tc Pipelines stock traded up $0.14 on Friday, reaching $50.03. 20,801 shares of the company’s stock were exchanged, compared to its average volume of 1,413,692. 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 Lp has a 52 week low of $34.58 and a 52 week high of $52.69. The firm’s 50-day moving average is $49.35 and its two-hundred day moving average is $48.06. The company has a market capitalization of $47.58 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 2.85 and a beta of 0.75.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.25. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $3.55 billion. Tc Pipelines had a return on equity of 14.01% and a net margin of 30.39%. During the same period in the prior year, the firm posted $0.86 EPS. On average, analysts expect that Tc Pipelines Lp will post 3.09 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a $0.568 dividend. This represents a $2.27 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend is Friday, September 27th. This is an increase from Tc Pipelines’s previous quarterly dividend of $0.56. Tc Pipelines’s dividend payout ratio is 53.69%.
Tc Pipelines Profile
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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