TCP
TC PipeLines, LPNYSE
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  • Fri, Nov. 4, 8:26 AM
    • TC PipeLines (NYSE:TCP): Q3 EPS of $0.65 beats by $0.03.
    • Revenue of $91M (+9.6% Y/Y) misses by $6.82M.
    • Press Release
    | Fri, Nov. 4, 8:26 AM
  • Thu, Oct. 20, 6:10 PM
    • TC PipeLines (NYSE:TCP) declares $0.94/share quarterly dividend, in line with previous.
    • Forward yield 6.61%
    • Payable Nov. 14; for shareholders of record Nov. 1; ex-div Oct. 28.
    | Thu, Oct. 20, 6:10 PM
  • Mon, Sep. 26, 7:38 AM
    • TransCanada (NYSE:TRP) offers to acquire Columbia Pipeline Partners (NYSE:CPPL) for $15.75/unit in cash, in a deal valued at ~$848M.
    • TRP says its offer price represents an 11.3% premium to the 30-day average closing price on Sept. 23.
    • Since closing its takeover of Columbia Pipeline Group in July, TRP has been reviewing the strategy for Columbia's MLPs, CPPL and TC Pipelines (NYSE:TCP).
    • CPPL owns stakes in three regulated U.S. natural gas pipelines extending from New York to the Gulf of Mexico, plus natural gas storage systems and a portfolio of gathering and processing assets.
    | Mon, Sep. 26, 7:38 AM | 9 Comments
  • Thu, Aug. 4, 8:15 AM
    • TC PipeLines (NYSE:TCP): Q2 EPS of $0.76 beats by $0.12.
    • Revenue of $89M (+4.7% Y/Y) misses by $8.96M.
    • Press Release
    | Thu, Aug. 4, 8:15 AM
  • Thu, Jul. 21, 5:39 PM
    • TC PipeLines (NYSE:TCP) declares $0.94/share quarterly dividend, 5.6% increase from prior dividend of $0.89.
    • Forward yield 6.81%
    • Payable Aug. 12; for shareholders of record Aug. 1; ex-div July 28.
    | Thu, Jul. 21, 5:39 PM
  • Wed, Jul. 20, 2:43 PM
    • TransCanada (TRP -0.7%) gets a Buy rating and C$70 and US$54 price targets at Goldman Sachs, citing TRP's diversified business and backlog of growth projects, as well as the recently completed acquisition of Columbia Pipeline Group that gives the company access to the high-growth Marcellus and Utica basins.
    • TRP also could benefit from supply growth in the Montney in western Canada, “both from increased volumes on its long-haul assets, including the Mainline, and investment opportunities on its NGTL system," Goldman says.
    • TC Pipelines (TCP +0.3%) and Columbia Pipeline (CPPL +0.1%) are assigned Neutral ratings with respective price targets of $53 and $15, as unit likely will remain range-bound amid uncertainty surrounding the strategic review of TRP’s MLPs.
    | Wed, Jul. 20, 2:43 PM | 3 Comments
  • Fri, Jul. 1, 4:46 PM
    • TransCanada (NYSE:TRP) says it completed the acquisition of Columbia Pipeline Group (NYSE:CPGX) for ~US$13B, including the assumption of US$2.8B of debt, making it North America’s largest natural gas storage company and one of the largest gas pipeline giants.
    • TRP also says it will review strategic alternatives for its MLP holdings, and expects to communicate its determination regarding the future of TC Pipelines (NYSE:TCP) and Columbia Pipeline Partners (NYSE:CPPL) later this year.
    • TRP says it does not anticipate any dropdowns to the MLPs until the review has been completed.
    | Fri, Jul. 1, 4:46 PM | 3 Comments
  • Mon, Jun. 20, 3:48 PM
    • Barclays downgrades some MLP names on valuation, cutting Enable Midstream Partners (ENBL -2.1%) and TC Pipelines (TCP +1.6%) to Underweight from Equal Weight and lowering PennTex Midstream Partners (PTXP +0.5%) and EnLink Midstream (ENLC -3.2%) to Equal Weight from Overweight.
    • The firm notes that ENBL has gained 56% YTD and is cautious about re-contracting risk on certain assets that could be a headwind to the company’s growth, and worries that TCP's prospects for dropdowns have become less certain given parent TransCanada’s pending acquisition of Columbia Pipeline.
    • Barclays believes PTXP has a favorable organic growth opportunity given the location of its assets where drilling economics are positive and producers have transportation advantages, but that the positive aspects are fully priced in.
    • The firm also notes ENLC's 350 bps premium to its LP, EnLink Midstream Partners (ENLK -1.5%), and is not forecasting distribution growth in 2016-17.
    | Mon, Jun. 20, 3:48 PM
  • Wed, May 4, 7:39 AM
    • TC PipeLines (NYSE:TCP): Q1 EPS of $1.10 beats by $0.19.
    • Revenue of $86M (-1.1% Y/Y) misses by $19.24M.
    | Wed, May 4, 7:39 AM
  • Thu, Apr. 21, 6:00 PM
    • TC PipeLines (NYSE:TCP) declares $0.89/share quarterly dividend, in line with previous.
    • Forward yield 6.43%
    • Payable May 13; for shareholders of record May 2; ex-div April 28.
    | Thu, Apr. 21, 6:00 PM | 1 Comment
  • Fri, Mar. 18, 3:55 PM
    • Columbia Pipeline Group (CPGX +5.9%) has surged today following TransCanada's (TRP -1.2%) $25.50/share takeover offer - no surprise there - but Columbia Pipeline Partners (CPPL -18.5%), CPGX's MLP, is trading nearly 20% lower.
    • TRP said little about its plans for the MLP except that it would become the new general partner and own 46% of the units; TRP already has its own MLP - TC Pipeline (TCP -2.2%) - so its course for the Columbia partnership lacks clarity.
    • Investors may be worried that TRP will buy up the MLP cheaply, leaving them on the hook for capital gains taxes that would cut into their returns, Hennessy Gas Utility Fund manager Skip Aylesworth tells Bloomberg.
    • Barclays downgrades CPPL to Equal Weight from Overweight with a $15 price target, forecasting slower growth in the MLP’s investor payout under TRP’s control.
    | Fri, Mar. 18, 3:55 PM | 7 Comments
  • Tue, Mar. 8, 5:17 PM
    • A U.S. bankruptcy judge says Sabine Oil & Gas (OTCPK:SOGCQ) can reject contracts with midstream companies it made before oil and gas prices plunged.
    • But the judge says her ruling is not binding, potentially setting the stage for another legal battle over the pipeline operators' argument that the agreements cannot be broken because they are inextricably tied to the land on which Sabine operates.
    • The ruling covers agreements with two companies, including an affiliate of Cheniere Energy (NYSEMKT:LNG), that gather natural gas for Sabine in specific geographic locations; Sabine has said that rejecting the contracts could save as much as $115M for the bankruptcy estate.
    • Restructuring and energy experts have warned that a loss for Sabine's pipeline operators could inspire other bankrupt oil and gas producers to seek similar relief, spreading the distress that has plagued them to the midstream companies that process and transport oil and natural gas.
    • Similar requests are pending in the chapter 11 cases of companies including Quicksilver Resources (OTCPK:KWKAQ) and Magnum Hunter Resources (OTCPK:MHRCQ); a Delaware judge is expected to rule on KWK's request by the end of the month.
    • Pipeline stocks include: KMI, ENB, EEP, SE, SEP, WMB, ETE, ETP, OKS, PAA, PBA, MMP, CQP, BWP, BPL, WES, SXL, NS, NSH, TCP, NGL, DPM, GEL, HEP, APL, SEMG, TLLP, MMLP, TLP, SGU, BKEP
    | Tue, Mar. 8, 5:17 PM | 84 Comments
  • Thu, Feb. 25, 7:37 AM
    • TC PipeLines (NYSE:TCP): Q4 EPS of $0.79 beats by $0.06.
    • Revenue of $89M (+2.3% Y/Y) misses by $13.52M.
    | Thu, Feb. 25, 7:37 AM
  • Fri, Jan. 22, 6:13 AM
    • TC PipeLines (NYSE:TCP) declares $0.89/share quarterly dividend, in line with previous.
    • Forward yield 9.69%
    • Payable Feb. 12; for shareholders of record Feb. 2; ex-div Jan. 29.
    | Fri, Jan. 22, 6:13 AM
  • Dec. 21, 2015, 11:46 AM
    • EnLink Midstream (ENLC -7.4%) is downgraded to Neutral from Buy with an $18 price target, reduced from $28, at BofA/Merrill, which forecasts flat distributions through 2017 at ENLC and EnLink Midstream Partners (ENLK +2.4%), believing management will be prudent in building coverage instead of prioritizing distribution growth.
    • The firm notes the $1.5B acquisition of Tall Oak Midstream is expected to generate $80M in EBITDA 2016 and expanding to $300M by 2018, as EnLink deploys $650M in capex over three years.
    • Meanwhile, BofA upgrades TC Pipelines (TCP +2.8) to Buy from Underperform with a $50 price target, citing a fee-based cash flow profile, which “should bode well in a persistent MLP environment of high volatility, capital market concerns, and focus on leverage.”
    | Dec. 21, 2015, 11:46 AM
  • Nov. 6, 2015, 8:15 AM
    • TransCanada (NYSE:TRP) agrees to sell a 49.9​% interest in Portland Natural Gas Limited Partnership its TC PipeLines (NYSE:TCP) MLP for $223M.
    • PNGTS is a 295-mile interstate natural gas pipeline that connects with the TransQuebec and Maritimes Pipeline at the Canadian border near East Hereford, Quebec and delivers natural gas to customers in the U.S. northeast.
    • TRP will continue to own an 11.8% interest in PNGTS.
    | Nov. 6, 2015, 8:15 AM