TC Pipelines LP

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  • uploads///peers cmprsn
    Company & Industry Overviews

    Key comparison between MPLX and its peers

    MPLX shows the steepest fall in its EV/EBITDA, indicating expectations for the strongest EBITDA growth among its peers here.

    By Keisha Bandz
  • uploads///TRPs pipeline network
    Energy & Utilities

    The story behind the Canadian giant—TransCanada Corp.

    TransCanada Corporation (TRP) is based in Canada. It’s one of North America’s leading natural gas pipeline network owners. TransCanada also provides natural gas storage services.

    By Keisha Bandz
  • uploads///NSPC
    Earnings Report

    A Look at BWP’s Credit Exposure following Its 1Q16 Earnings

    BWP has returned 26.6% since the beginning of 2016. Spectra Energy Partners, Cone Midstream Partners, and TC Pipelines have returned 4.4%, 44.4%, and 10.5%.

    By Kurt Gallon
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    Earnings Report

    TC PipeLines: Uncertainty Rules the Roost

    There’s still uncertainty surrounding TC PipeLines’ (TCP) future. The company slashed its 1Q18 distributions 35%.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Company & Industry Overviews

    TC PipeLines Has Fallen 37% Year-to-Date: What’s Ahead?

    TC PipeLines doesn’t believe the FERC’s policy change will have a material impact on its natural gas pipeline rates.

    By Rekha Khandelwal, CFA
  • uploads///gainers and losers
    Company & Industry Overviews

    Here Are Last Week’s Top MLP and Midstream Gainers and Losers

    DCP Midstream (DCP), TC PipeLines (TCP), and Summit Midstream Partners (SMLP) were among the biggest MLP gainers in the last week.

    By Rekha Khandelwal, CFA
  • uploads///AMLP
    Macroeconomic Analysis

    AMLP Rose Last Week in a Good Week for Energy Stock ETFs

    AMLP gained almost as much as the VanEck Vectors Oil Services ETF (OIH) in the week ending August 14.

    By Keisha Bandz
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    Energy & Utilities

    TC Pipelines Was the Top Energy Loser Last Week

    On March 9–16, TC Pipelines, Enbridge Energy Partners, Dominion Energy Midstream Partners, and Spectra Energy Partners were the top energy losers.

    By Rabindra Samanta
  • uploads///TRP asset overview
    Energy & Utilities

    An introduction to TransCanada Corp.

    TransCanada Corp. (TRP) is an energy infrastructure company. It owns a network of natural gas and crude pipelines across North America. TransCanada also provides natural gas storage.

    By Keisha Bandz
  • uploads///ebitda vs consensus estimates
    Earnings Report

    What Drove Shell Midstream’s 2Q16 Earnings Growth?

    Shell Midstream Partners (SHLX) reported its 2Q16 results on August 4, 2016. The company reported 2Q16 adjusted EBITDA of $77.1 million.

    By Rekha Khandelwal, CFA
  • uploads///TCP pipelines overview
    Energy & Utilities

    TC PipeLines—TransCanada’s important subsidiary

    TC PipeLines LP (TCP) is a master limited partnership (or MLP) that owns or has ownership in six interstate natural gas pipelines. TransCanada Corp. (TRP) owns ~28.9% equity interest in TCP.

    By Keisha Bandz
  • uploads///Best
    Macroeconomic Analysis

    TC Pipelines’ Winning Streak Continued on Wednesday, August 12

    TC Pipelines’ winning streak continued with a single-day gain of 5.74% yesterday. The stock has risen 14.60% in the last three trading sessions.

    By Kurt Gallon
  • uploads///Gains
    Basic Materials

    Best-Performing MLPs in the Week Ended July 13

    CVR Partners (UAN) rallied 9.7% in the week ended July 13, making it the top MLP gainer for the week.

    By Kurt Gallon
  • uploads///Gainers
    Macroeconomic Analysis

    Midcoast Energy: Top Midstream MLP Gainer on Tuesday, August 11

    Midcoast Energy Partners (MEP) was the top gainer among midstream MLPs at the end of trading on August 11. It rose 6.48% in a single trading session.

    By Kurt Gallon
  • uploads///Total Returns MLPI vs AMZI
    Macroeconomic Analysis

    Introducing the UBS ETRACS Alerian MLP Infrastructure Index ETN

    The UBS ETRACS Alerian MLP Infrastructure Index ETN (MLPI) tracks the Alerian MLP Infrastructure Index (AMZI).

    By Keisha Bandz
  • uploads///Northen border net income
    Energy & Utilities

    Why Western Canada and Bakken development help TC PipeLines

    In 2013, TCP’s Northern Border pipeline delivered steady results despite its lower rates, which were instituted on January 1, 2013. Demand for its service has remained strong.

    By Alex Chamberlin
  • uploads///ytd returns for tcp eep wes amid and amz
    Miscellaneous

    Behind TC PipeLines High Year-to-Date Returns

    As of April 11, TC PipeLines’ total YTD return was about -2.4%. TCP is trading 4% above its 50-day moving average and 5% below its 200-day moving average.

    By Rekha Khandelwal, CFA
  • Energy & Utilities

    Must-know: Williams Partners’ 3Q14 performance

    Williams Partners (or WPZ) is one of WMB’s operating subsidiaries. WPZ accounts for the majority of WMB’s operations and profits.

    By Alex Chamberlin
  • uploads///ev to ebitda ratios
    Company & Industry Overviews

    How Does Targa Resources’ Valuation Compare with Peers?

    Targa Resources (TRGP) is trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of nearly 15x.

    By Rekha Khandelwal, CFA
  • uploads///Losers
    Macroeconomic Analysis

    Phillips 66 Partners: Top Midstream Loser on Friday, July 17

    Phillips 66 Partners (PSXP) was the top loser among midstream MLPs at the end of trading on Friday, July 17. It fell 4.44%.

    By Kurt Gallon
  • uploads///entrepreneur _
    Company & Industry Overviews

    Midstream Stocks Were the Top Gainers in Energy Sector

    Last week, midstream stock Holly Energy Partners (HEP) outperformed other companies in the energy space.

    By Rabindra Samanta
  • uploads///analyst recom
    Energy & Utilities

    Enbridge and TransCanada Saw Higher Target Prices

    On August 6, RBC raised its target price for Enbridge (ENB) from 54 Canadian dollars to 59 Canadian dollars.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    TC PipeLines: Short Interest and Analysts’ Recommendations

    On March 19, Wells Fargo upgraded TC PipeLines from “market perform” to “outperform.” Wells Fargo has given TC PipeLines a target price of $38.

    By Rekha Khandelwal, CFA
  • uploads///analyst rating
    Energy & Utilities

    AM, DCP, TCP, ET: Last Week’s Key Rating Updates

    Antero Midstream (AM), which started trading as a corporation on March 13, has a price target of $17 from Capital One Securities.

    By Rekha Khandelwal, CFA
  • uploads///top gainers
    Energy & Utilities

    TCP, VLP, HCLP, CVRR: Who Gained and Who Lost Last Week?

    On October 18, Valero Energy (VLO) announced an agreement to acquire Valero Energy Partners (VLP).

    By Rekha Khandelwal, CFA
  • uploads///best performing mlps
    Energy & Utilities

    Which MLPs Were the Strongest in the Third Quarter?

    Royalty interest owner MLP Viper Energy Partners (VNOM) rose ~32% in the third quarter.

    By Rekha Khandelwal, CFA
  • uploads///p
    Energy & Utilities

    Midstream Stocks Were the Outperformers Last Week

    On August 3–10, midstream stock TC PipeLines (TCP) saw the highest gain on our list of energy stocks. The Alerian MLP ETF (AMLP) fell 0.6%.

    By Rabindra Samanta
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    Energy & Utilities

    Top Energy Gainers Last Week

    On July 6–13, upstream stock Sanchez Energy (SN) saw the highest gain on our list of energy stocks.

    By Rabindra Samanta
  • uploads///worst
    Energy & Utilities

    The Weakest MLPs in H1 2018

    Dominion Midstream Energy Partners (DM), a midstream subsidiary of Dominion Energy (D), was the weakest MLP in the first half of 2018, falling 55%.

    By Kurt Gallon
  • uploads///sub sector performance
    Energy & Utilities

    The Strongest and Weakest MLP Subsectors in H1 2018

    Natural gas and NGL (natural gas liquid) transportation was the weakest MLP subsector in H1 2018, with natural gas transportation MLPs falling by an average of 17.6%.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    Top MLP Gainers in the Week Ending June 22

    Legacy Reserves (LGCY) was the top MLP gainer in the week ending June 22. Legacy Reserves rallied 14.3% due to strong crude oil prices.

    By Kurt Gallon
  • uploads///NG inventory
    Miscellaneous

    Largest Injection in US Natural Gas Inventories since 2015

    The EIA reported that US natural gas inventories increased by 91 Bcf (billion cubic feet) to 1,629 Bcf on May 11–18.

    By Gordon Kristopher
  • uploads///p
    Energy & Utilities

    Analyzing the Weakest Energy Performers Last week

    On March 29–April 6, 2018, upstream stock RSP Permian (RSPP) fell the most on our list of energy stocks.

    By Rabindra Samanta
  • uploads///BWP
    Energy & Utilities

    At Its All-Time Low, BWP Offers Maximum Upside Potential

    Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and natural gas liquids transportation, saw a new all-time low recently.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losses

    MLPs with heavy exposure to Interstate Pipelines lost the most last week. TC PipeLines (TCP) recorded the highest losses.

    By Kurt Gallon
  • uploads///ANR
    Energy & Utilities

    TCP, EEP, and SEP: What Wall Street Analysts Recommend

    The revised FERC tax ruling will likely have a negative impact on interstate pipeline operators’ earnings.

    By Kurt Gallon
  • uploads///stock _
    Energy & Utilities

    Why TCP, EEP, and SEP Fell after FERC Tax Ruling

    MLPs had a bad Thursday after the FERC (Federal Energy Regulatory Commission) revised its income tax policy for MLPs.

    By Kurt Gallon
  • uploads///short int
    Company & Industry Overviews

    How Short Interest in Tallgrass Energy Partners Changed Recently

    Short interest in Tallgrass Energy Partners (TEP) as a percentage of its float is 9.2%—higher than its short interest of 7.3% at the end of January 2018.

    By Rekha Khandelwal, CFA
  • uploads///GMLP
    Energy & Utilities

    Golar LNG Partners: What Are Analysts’ Recommendations?

    Golar LNG Partners (GMLP) reported its third-quarter earnings on November 30, 2017. The company reported net income of $26.5 million.

    By Sue Goodridge
  • uploads///anr
    Energy & Utilities

    Key MLP Ratings Updates as of December 8

    Crestwood Equity Partners (CEQP), a midstream MLP, was upgraded at UBS last week. UBS raised CEQP to a “buy” from a “neutral.”

    By Kurt Gallon
  • uploads///EBITDA Margin
    Company & Industry Overviews

    These MLPs Have the Highest Earnings Margins Today

    In this series, we’ll assess the performances of the MLPs with the highest EBITDA (earnings before interest, tax, depreciation, and amortization) margins.

    By Kurt Gallon
  • uploads///TCP
    Company & Industry Overviews

    How TC PipeLines Comes in 6th Place among Top MLPs

    TC PipeLines comes in sixth place among the top MLPs (master limited partnerships) in terms of EBITDA margin.

    By Kurt Gallon
  • uploads///TCP
    Earnings Report

    TC PipeLines Reports Flat Earnings in 3Q17

    Earnings in 3Q17 TC PipeLines (TCP), TransCanada’s (TRP) midstream MLP subsidiary, posted flat earnings in 3Q17. The partnership reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $103 million, which represents a marginal 1.0% rise from 3Q16. Moreover, the partnership missed its EBITDA estimate by 7.5%. The slight increase in its adjusted EBITDA was […]

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending September 22

    Ferrellgas Partners (FGP), which is involved in propane logistics and distribution, was the top MLP loser in the week ending September 22.

    By Kurt Gallon
  • uploads///tcps ev to ebitda is close to peers
    Company & Industry Overviews

    How Does TC PipeLines’ Valuation Compare to Its Peers?

    TC PipeLines (TCP) is trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of nearly 14x.

    By Rekha Khandelwal, CFA
  • uploads///tcps distributable cash flows and capex
    Company & Industry Overviews

    Analyzing TC PipeLines’ Distributions and Capital Expenditures

    TC PipeLines’ (TCP) 3Q16 distribution per unit of $0.94 didn’t change from its 2Q16 distribution. It rose 6% from its 3Q15 per unit distribution of $0.89.

    By Rekha Khandelwal, CFA
  • uploads///tcp is up  percent in a year
    Company & Industry Overviews

    TC PipeLines Might Benefit from TransCanada in 2017

    TC PipeLines stock mostly traded above its 200-day moving average since April 2016. The stock fell below the 200-day average in November and December.

    By Rekha Khandelwal, CFA
  • uploads///EQM Revenue
    Company & Industry Overviews

    EQT Midstream Benefited from Firm Reservation Contracts

    EQT Midstream Partners (EQM) is a midstream MLP involved in natural gas gathering, transmission, and storage services. EQT Midstream was formed by EQT.

    By Kurt Gallon
  • uploads///AMJ returns
    Macroeconomic Analysis

    JP Morgan’s AMJ ETN Outperformed the MLPI ETN Last Week

    The J.P. Morgan Alerian MLP Index ETN (AMJ) rose 5.2% in the week ended August 28, 2015. The Alerian MLP Index (AMZ), AMJ’s underlying index, also rose 5.1% during the week.

    By Rekha Khandelwal, CFA
  • uploads///AMJ returns
    Macroeconomic Analysis

    AMJ Outperformed the Energy ETF XLE Last Week

    The JPMorgan Alerian MLP Index ETN (AMJ) fell 5.1% in the week ended August 21, 2015.

    By Rekha Khandelwal, CFA
  • uploads///amj returns
    Macroeconomic Analysis

    AMJ Outperformed Broad Energy and Market ETFs Last Week

    The JPMorgan Alerian MLP Index ETN (AMJ) rose 4.7% in the week ended August 14, 2015. Its underlying index is the Alerian MLP Index (AMZ).

    By Rekha Khandelwal, CFA
  • uploads///Gainers
    Macroeconomic Analysis

    Midcoast Energy Partners: Top Midstream Gainer on July 31

    Midcoast Energy Partners (MEP) was the top gainer among midstream MLPs at the end of trading on Friday, July 31. The company’s winning streak continued.

    By Kurt Gallon
  • uploads///Percentahe Of Distribution paid to Gp
    Company & Industry Overviews

    The Pros and Cons of Incentive Distribution Rights

    Most MLPs restructure the IDRs when they reach high splits, as growth is capped. The markets view IDR restructuring favorably.

    By Victor Cheng
  • uploads///Total Returns AMU vs AMZ
    Macroeconomic Analysis

    Introducing the UBS ETRACS Alerian MLP Index ETN

    The UBS ETRACS Alerian MLP Index ETN (AMU) tracks the Alerian MLP Index (AMZ), which lists 50 large- and mid-cap energy-related master limited partnerships.

    By Keisha Bandz
  • uploads///P BW MLP
    Macroeconomic Analysis

    Why investors should know the best and worst MLP performers

    As expected, the midstream MLP sector presents our first positive showing in our analysis of the energy industry. TCP increased ~43% in the five months under review.

    By Manas Chowgule, CFA
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