TC Pipelines, Upgraded to Neutral at Zacks (TCP)

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TC Pipelines, (NYSE:TCP) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report issued on Thursday, American Banking News.com reports. The firm currently has a $54.00 price target on the stock. Zacks‘s price objective points to a potential upside of 4.79% from the stock’s previous close.

Zacks’ analyst wrote, “Ahead of first quarter results, we are upgrading our recommendation for TC PipeLines to Neutral from Underperform. We expect the natural gas transporter’s recent stake purchases in two major U.S. gas systems to be immediately accretive to earnings and distributable cash. As it is, we are a fan of TC PipeLines’ steady cash-flow generating pipeline assets, which provide stability and financial capacity to deliver cash distributions in a disciplined manner. While being incrementally more positive on the partnership, we acknowledge the headwinds faced by TC PipeLines on contracting efforts for the Great Lakes pipeline system and lower rates on the Northern Border. Consequently, we see the stock performing in line with the broader market. “

Other equities research analysts have also recently issued reports about the stock. Analysts at Citic Securities Co., Ltd upgraded shares of TC Pipelines, from a “sell” rating to a “neutral” rating in a research note on Friday, March 28th. They now have a $46.50 price target on the stock, up previously from $43.00. Separately, analysts at Citigroup Inc. upgraded shares of TC Pipelines, from a “sell” rating to a “neutral” rating in a research note on Friday, March 28th. Finally, analysts at UBS AG upgraded shares of TC Pipelines, from a “neutral” rating to a “buy” rating in a research note on Friday, March 14th. They now have a $51.00 price target on the stock, up previously from $50.00. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $50.36.

TC Pipelines, (NYSE:TCP) traded up 0.29% on Thursday, hitting $51.68. 110,967 shares of the company’s stock traded hands. TC Pipelines, has a 52-week low of $42.16 and a 52-week high of $52.61. The stock’s 50-day moving average is $48.48 and its 200-day moving average is $47.72. The company has a market cap of $3.221 billion and a P/E ratio of 24.09.

TC Pipelines, (NYSE:TCP) last released its earnings data on Friday, February 7th. The company reported $0.63 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.60 by $0.03. Analysts expect that TC Pipelines, will post $2.35 EPS for the current fiscal year.

TC PipeLines, LP (NYSE:TCP), acquires, owns and participates in the management of energy infrastructure businesses in North America.

To view Zacks’ full report, visit Zacks’ official website.

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