TC Pipelines, LP (NYSE:TCP) declared a quarterly dividend on Thursday, July 23rd, Fidelity reports. Stockholders of record on Monday, August 3rd will be given a dividend of 0.65 per share by the pipeline company on Friday, August 14th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 8.40%. The ex-dividend date of this dividend is Friday, July 31st.
TC Pipelines has decreased its dividend by an average of 29.0% annually over the last three years. TC Pipelines has a dividend payout ratio of 70.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TC Pipelines to earn $3.51 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 74.1%.
Shares of TCP stock traded up $1.13 on Wednesday, reaching $30.95. The company had a trading volume of 5,490 shares, compared to its average volume of 299,540. The stock has a market capitalization of $2.16 billion, a PE ratio of 8.30 and a beta of 1.08. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 2.42. TC Pipelines has a one year low of $18.00 and a one year high of $44.65. The business’s 50-day moving average is $31.96 and its 200 day moving average is $34.48.
TCP has been the subject of several recent research reports. Citigroup lowered their price objective on TC Pipelines from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, June 19th. ValuEngine downgraded TC Pipelines from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 4th. Goldman Sachs Group raised TC Pipelines from a “sell” rating to a “neutral” rating and upped their price objective for the company from $51.00 to $52.00 in a research note on Monday, July 6th. Zacks Investment Research downgraded TC Pipelines from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a research note on Saturday, April 18th. Finally, Jefferies Financial Group initiated coverage on TC Pipelines in a research note on Tuesday, May 12th. They issued a “buy” rating and a $39.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. TC Pipelines presently has a consensus rating of “Buy” and an average target price of $42.09.
TC Pipelines Company Profile
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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