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

TC Pipelines, LP (NYSE:TCP) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,010,300 shares, a growth of 45.1% from the May 30th total of 696,300 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily volume of 125,600 shares, the days-to-cover ratio is presently 8.0 days.

TCP has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Yum China from $36.50 to $48.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. Wells Fargo & Co set a $162.00 target price on Jazz Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, March 19th. Barclays set a €45.00 ($52.33) price target on Zalando and gave the stock a “buy” rating in a research note on Tuesday, April 16th. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research lowered W. R. Grace & Co from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $35.29.

NYSE:TCP traded up $0.22 on Friday, hitting $38.86. 145,832 shares of the stock were exchanged, compared to its average volume of 125,024. The stock has a market capitalization of $2.76 billion, a PE ratio of 9.30, a PEG ratio of 5.47 and a beta of 0.67. The company has a debt-to-equity ratio of 2.81, a quick ratio of 1.07 and a current ratio of 1.16. The business has a fifty day moving average of $37.41. TC Pipelines has a fifty-two week low of $26.47 and a fifty-two week high of $38.91.

TC Pipelines (NYSE:TCP) last announced its quarterly earnings results on Wednesday, May 8th. The pipeline company reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.16. TC Pipelines had a positive return on equity of 33.52% and a negative net margin of 33.82%. The company had revenue of $113.00 million during the quarter. Research analysts expect that TC Pipelines will post 3.53 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lindbrook Capital LLC boosted its position in shares of TC Pipelines by 24.3% in the first quarter. Lindbrook Capital LLC now owns 1,892 shares of the pipeline company’s stock worth $70,000 after buying an additional 370 shares during the period. SG Americas Securities LLC boosted its position in shares of TC Pipelines by 1.3% in the first quarter. SG Americas Securities LLC now owns 34,479 shares of the pipeline company’s stock worth $1,288,000 after buying an additional 450 shares during the period. Truvestments Capital LLC purchased a new stake in shares of TC Pipelines in the first quarter worth about $37,000. Advisory Services Network LLC boosted its position in shares of TC Pipelines by 173.3% in the fourth quarter. Advisory Services Network LLC now owns 2,050 shares of the pipeline company’s stock worth $66,000 after buying an additional 1,300 shares during the period. Finally, LPL Financial LLC boosted its position in shares of TC Pipelines by 9.2% in the fourth quarter. LPL Financial LLC now owns 23,824 shares of the pipeline company’s stock worth $765,000 after buying an additional 2,001 shares during the period. 63.04% of the stock is owned by institutional investors.

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.

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