TC Pipelines, LP (NYSE:TCP) Sees Large Drop in Short Interest

TC Pipelines, LP (NYSE:TCP) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,028,300 shares, a decrease of 16.2% from the July 31st total of 1,227,400 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average trading volume of 175,600 shares, the days-to-cover ratio is currently 5.9 days.

A number of institutional investors have recently added to or reduced their stakes in TCP. Invesco Ltd. acquired a new position in TC Pipelines in the second quarter valued at $594,819,000. Energy Income Partners LLC increased its stake in TC Pipelines by 5.5% in the second quarter. Energy Income Partners LLC now owns 7,984,338 shares of the pipeline company’s stock valued at $300,371,000 after purchasing an additional 414,334 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in TC Pipelines in the second quarter valued at $9,540,000. Citigroup Inc. increased its stake in TC Pipelines by 148.4% in the first quarter. Citigroup Inc. now owns 316,272 shares of the pipeline company’s stock valued at $11,816,000 after purchasing an additional 188,934 shares during the last quarter. Finally, Citadel Advisors LLC increased its stake in TC Pipelines by 890.1% in the second quarter. Citadel Advisors LLC now owns 84,447 shares of the pipeline company’s stock valued at $3,177,000 after purchasing an additional 75,918 shares during the last quarter. Hedge funds and other institutional investors own 86.10% of the company’s stock.

Several analysts have recently issued reports on TCP shares. Zacks Investment Research upgraded TC Pipelines from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Tuesday, July 16th. ValuEngine downgraded TC Pipelines from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. TC Pipelines currently has a consensus rating of “Hold” and a consensus target price of $36.00.

TC Pipelines stock traded up $1.89 during trading on Friday, hitting $40.32. The company’s stock had a trading volume of 638,369 shares, compared to its average volume of 182,256. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 9.65, a P/E/G ratio of 5.34 and a beta of 0.64. The stock’s fifty day moving average is $38.47 and its 200 day moving average is $37.04. TC Pipelines has a 1-year low of $26.88 and a 1-year high of $41.23. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.56 and a current ratio of 0.63.

TC Pipelines (NYSE:TCP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.75 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.01). The business had revenue of $93.00 million during the quarter. TC Pipelines had a negative net margin of 38.56% and a positive return on equity of 35.63%. On average, research analysts anticipate that TC Pipelines will post 3.58 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were paid a $0.65 dividend. The ex-dividend date was Thursday, August 1st. This represents a $2.60 annualized dividend and a yield of 6.45%. TC Pipelines’s payout ratio is currently 62.20%.

About TC Pipelines

TC Pipelines LP engages in nautral gas pipelines business. It transports natural gas in Western, Midwestern and Eastern United States. The firm is managed by its general partner TC Pipelines GP, Inc, which is an indirect, wholly-owned subsidiary of TransCanada. The company was founded in 1998 and is headquartered in Houston, TX.

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