First Republic Investment Management Inc. Sells 1,778 Shares of TC Pipelines, LP (NYSE:TCP)

First Republic Investment Management Inc. lowered its stake in shares of TC Pipelines, LP (NYSE:TCP) by 12.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,849 shares of the pipeline company’s stock after selling 1,778 shares during the quarter. First Republic Investment Management Inc.’s holdings in TC Pipelines were worth $483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in shares of TC Pipelines by 3.3% in the second quarter. Van ECK Associates Corp now owns 22,556 shares of the pipeline company’s stock worth $849,000 after buying an additional 710 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of TC Pipelines by 117.9% in the second quarter. Wells Fargo & Company MN now owns 89,953 shares of the pipeline company’s stock worth $3,384,000 after purchasing an additional 48,674 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of TC Pipelines in the second quarter worth $880,000. Kavar Capital Partners LLC purchased a new stake in shares of TC Pipelines in the second quarter worth $157,000. Finally, Kayne Anderson Capital Advisors LP purchased a new stake in shares of TC Pipelines in the second quarter worth $9,540,000. Institutional investors own 86.10% of the company’s stock.

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

NYSE TCP traded up $1.89 on Friday, hitting $40.32. The company had a trading volume of 651,678 shares, compared to its average volume of 182,043. TC Pipelines, LP has a 12-month low of $26.88 and a 12-month high of $41.23. The company has a market capitalization of $2.73 billion, a PE ratio of 9.65, a PEG ratio of 5.34 and a beta of 0.64. The company’s fifty day moving average price is $38.47 and its 200-day moving average price is $37.04. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.63 and a quick ratio of 0.56.

TC Pipelines (NYSE:TCP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.01). The company 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, sell-side analysts anticipate that TC Pipelines, LP will post 3.58 EPS for the current year.

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

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.

Further Reading: Initial Coin Offering (ICO)

Institutional Ownership by Quarter for TC Pipelines (NYSE:TCP)

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