TC PipeLines LP [NYSE: TCP] stock went on an upward path that rose over 2.06% on Monday, amounting to a one-week price decrease of less than -4.01%. The company report on February 26, 2021 that TC Energy and TC PipeLines, LP announce unitholder approval and effective date of merger.
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) and TC PipeLines, LP (NYSE:TCP) (TCP) announced that at the special meeting of TCP common unitholders held earlier, TCP unitholders voted to approve the previously announced merger of TCP and a wholly owned subsidiary of TC Energy pursuant to the Agreement and Plan of Merger dated December 14, 2020 (the “Merger Agreement”) between TCP, TC Energy and certain other related parties thereto.
Approximately 70% of the TCP common units represented by proxy or present at the special meeting voted in favor of the approval of the Merger Agreement and the transactions contemplated thereby, including the merger, which represented approximately 54.5% of TCP’s total outstanding common units as of January 15, 2021, the record date for the special meeting.
Over the last 12 months, TCP stock dropped by -21.69%. The one-year TC PipeLines LP stock forecast points to a potential upside of 21.79. The average equity rating for TCP stock is currently 2.10, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $2.18 billion, with 71.30 million shares outstanding and 52.32 million shares in the current float. Compared to the average trading volume of 455.95K shares, TCP stock reached a trading volume of 12647807 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on TC PipeLines LP [TCP]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TCP shares is $38.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TCP stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for TC PipeLines LP shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on March 01, 2021. The new note on the price target was released on July 09, 2020, representing the official price target for TC PipeLines LP stock. Previously, the target price had yet another raise from $51 to $52, while Goldman kept a Neutral rating on TCP stock.
The Average True Range (ATR) for TC PipeLines LP is set at 0.73, with the Price to Sales ratio for TCP stock in the period of the last 12 months amounting to 5.45. The Price to Book ratio for the last quarter was 2.95, with the Price to Cash per share for the same quarter was set at 2.73. Price to Free Cash Flow for TCP in the course of the last twelve months was 17.13 with Quick ratio for the last quarter at 0.50.
TCP Stock Performance Analysis:
TC PipeLines LP [TCP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.01. With this latest performance, TCP shares dropped by -1.78% in over the last four-week period, additionally sinking by -7.04% over the last 6 months – not to mention a drop of -21.69% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TCP stock in for the last two-week period is set at 44.21, with the RSI for the last a single of trading hit 41.54, and the three-weeks RSI is set at 46.10 for TC PipeLines LP [TCP]. The present Moving Average for the last 50 days of trading for this stock 30.08, while it was recorded at 30.06 for the last single week of trading, and 30.82 for the last 200 days.
Insight into TC PipeLines LP Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and TC PipeLines LP [TCP] shares currently have an operating margin of +52.63 and a Gross Margin at +61.65. TC PipeLines LP’s Net Margin is presently recorded at +69.67.
Return on Total Capital for TCP is now 7.26, given the latest momentum, and Return on Invested Capital for the company is 11.10. Return on Equity for this stock inclined to 40.85, with Return on Assets sitting at 9.27. When it comes to the capital structure of this company, TC PipeLines LP [TCP] has a Total Debt to Total Equity ratio set at 304.73. Additionally, TCP Total Debt to Total Capital is recorded at 75.29, with Total Debt to Total Assets ending up at 69.67. Long-Term Debt to Equity for the company is recorded at 245.90, with the Long-Term Debt to Total Capital now at 60.76.
Receivables Turnover for the company is 8.23 with a Total Asset Turnover recorded at a value of 0.13.TC PipeLines LP’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.50.
TCP Stock EPS
With the latest financial reports released by the company, TC PipeLines LP posted 1.21/share EPS, while the average EPS was predicted by analysts to be reported at 1.24/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -2.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TCP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for TC PipeLines LP go to -3.10%.
TC PipeLines LP [TCP] Insider Position Details
There are presently around $1,526 million, or 68.00% of TCP stock, in the hands of institutional investors. The top three institutional holders of TCP stocks are: ENERGY INCOME PARTNERS, LLC with ownership of 7,888,173, which is approximately -3.492% of the company’s market cap and around 23.96% of the total institutional ownership; ALPS ADVISORS INC, holding 6,072,740 shares of the stock with an approximate value of $180.48 million in TCP stocks shares; and INVESCO LTD., currently with $161.43 million in TCP stock with ownership of nearly 3.865% of the company’s market capitalization.
Positions in TC PipeLines LP stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 52 institutional holders increased their position in TC PipeLines LP [NYSE:TCP] by around 5,414,252 shares. Additionally, 64 investors decreased positions by around 5,144,177 shares, while 34 investors held positions by with 40,773,325 shares. The mentioned changes placed institutional holdings at 51,331,754 shares, according to the latest SEC report filing. TCP stock had 19 new institutional investments in for a total of 515,114 shares, while 21 institutional investors sold positions of 1,189,830 shares during the same period.