TC PipeLines -28% after slashing distribution, warning of reduced cash flows [Seeking Alpha]
TC PIPELINES LP (TCP)
Last tc pipelines lp earnings: 11/7 07:30 am
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US:NYSE Investor Relations:
tcpipelineslp.com/investor-center.html
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Source: Seeking Alpha
TC PipeLines -28% after slashing distribution, warning of reduced cash flowsTC PipeLines (TCP-28.7%) tumbles to a 52-week low after saying it willreduce its quarterly distribution by 35% to $0.65/unit in response to March's Federal Energy Regulatory Commission announcements.FERC's actions "with respect to the revised policy that would allow for no recovery of an income tax allowance in the cost-of-service rates of our pipelines with related follow-on impacts have had a profound impact on us and many in our industry... if implemented as expected, will result in a material decrease in cash flows from our pipelines," says CEO Nathan Brown.TCP also notes its TransCanada (TRPN/A) parent currently does not view TCP as a viable financing alternative, and "growth from dropdowns is therefore not anticipated to materialize unless circumstances change."Earlier: TC PipeLines beats by $0.23, beats on revenue (May 2)See all stocks on the move »Now read:10 Dividend Growth Stocks Working Hard For The
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