TC Pipelines, LP (NYSE:TCP) Sees Significant Decrease in Short Interest

TC Pipelines, LP (NYSE:TCP) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 1,090,000 shares, a drop of 18.7% from the December 15th total of 1,340,000 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average daily trading volume, of 344,800 shares, the short-interest ratio is presently 3.2 days.

A number of large investors have recently made changes to their positions in the business. Invesco Ltd. purchased a new position in TC Pipelines in the second quarter worth about $594,819,000. Energy Income Partners LLC boosted its position 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 worth $300,371,000 after purchasing an additional 414,334 shares during the last quarter. Alps Advisors Inc. boosted its position in TC Pipelines by 38.0% in the third quarter. Alps Advisors Inc. now owns 6,503,992 shares of the pipeline company’s stock worth $264,517,000 after purchasing an additional 1,790,517 shares during the last quarter. UBS Group AG boosted its position in TC Pipelines by 1.1% in the second quarter. UBS Group AG now owns 2,320,642 shares of the pipeline company’s stock worth $87,302,000 after purchasing an additional 24,790 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP boosted its position in TC Pipelines by 466.7% in the third quarter. Kayne Anderson Capital Advisors LP now owns 1,437,123 shares of the pipeline company’s stock worth $58,442,000 after purchasing an additional 1,183,526 shares during the last quarter. 64.08% of the stock is currently owned by institutional investors and hedge funds.

Shares of TC Pipelines stock traded up $1.01 during trading on Tuesday, hitting $43.94. 164,397 shares of the company’s stock traded hands, compared to its average volume of 260,473. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.78 and a quick ratio of 0.73. TC Pipelines has a 1 year low of $30.36 and a 1 year high of $43.96. The stock has a market capitalization of $2.97 billion, a P/E ratio of 10.51, a PEG ratio of 5.82 and a beta of 0.68. The business has a 50-day simple moving average of $40.44 and a 200-day simple moving average of $39.43.

TC Pipelines (NYSE:TCP) last announced its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $93.00 million for the quarter. TC Pipelines had a positive return on equity of 40.25% and a negative net margin of 40.46%. On average, equities analysts predict that TC Pipelines will post 3.52 earnings per share for the current fiscal year.

TCP has been the topic of several recent analyst reports. Bank of America raised TC Pipelines from an “underperform” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Friday, September 20th. UBS Group raised TC Pipelines from a “neutral” rating to a “buy” rating and increased their price objective for the company from $39.00 to $44.00 in a research report on Monday, November 4th. Wolfe Research raised TC Pipelines from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Citigroup set a $40.00 price objective on TC Pipelines and gave the company a “hold” rating in a research report on Friday, November 1st. Finally, Barclays raised TC Pipelines from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $44.00 to $48.00 in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $42.43.

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.

Read More: Dividend Reinvestment Plan (DRIP)

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