Scotia Capital Inc. Reduces Holdings in Tc Pipelines Lp (NYSE:TRP)
Scotia Capital Inc. lowered its stake in shares of Tc Pipelines Lp (NYSE:TRP) (TSE:TRP) by 2.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,467,391 shares of the pipeline company’s stock after selling 93,327 shares during the period. Tc Pipelines makes up 2.7% of Scotia Capital Inc.’s investment portfolio, making the stock its 6th biggest holding. Scotia Capital Inc. owned about 0.48% of Tc Pipelines worth $221,034,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TRP. OMERS ADMINISTRATION Corp grew its stake in shares of Tc Pipelines by 94.4% during the second quarter. OMERS ADMINISTRATION Corp now owns 7,506,205 shares of the pipeline company’s stock valued at $377,974,000 after purchasing an additional 3,645,514 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Tc Pipelines by 28.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,573,372 shares of the pipeline company’s stock valued at $567,443,000 after buying an additional 2,594,158 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Tc Pipelines by 30.0% in the 2nd quarter. Allianz Asset Management GmbH now owns 2,569,701 shares of the pipeline company’s stock valued at $127,596,000 after buying an additional 592,571 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Tc Pipelines by 5,806.1% in the 2nd quarter. Renaissance Technologies LLC now owns 289,400 shares of the pipeline company’s stock valued at $14,331,000 after buying an additional 284,500 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Tc Pipelines by 9.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,200,448 shares of the pipeline company’s stock valued at $158,694,000 after buying an additional 271,109 shares during the period. Institutional investors and hedge funds own 58.87% of the company’s stock.
A number of brokerages recently commented on TRP. Bank of America lifted their price objective on Tc Pipelines from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. ValuEngine cut Tc Pipelines from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Zacks Investment Research lowered Tc Pipelines from a “buy” rating to a “hold” rating and set a $53.00 target price for the company. in a research report on Monday, July 8th. Credit Suisse Group cut Tc Pipelines from an “outperform” rating to a “neutral” rating in a research note on Wednesday, May 29th. Finally, CIBC reiterated an “average” rating and issued a $70.00 price target on shares of Tc Pipelines in a research report on Sunday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Tc Pipelines presently has a consensus rating of “Hold” and an average price target of $57.25.
Tc Pipelines (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.25. Tc Pipelines had a return on equity of 14.01% and a net margin of 30.39%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the company earned $0.86 earnings per share. On average, analysts expect that Tc Pipelines Lp will post 3.09 EPS for the current year.
The business also recently declared 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. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.27 dividend on an annualized basis and a yield of 4.53%. This is a positive change from Tc Pipelines’s previous quarterly dividend of $0.56. Tc Pipelines’s payout ratio is presently 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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