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TCP Capital (TCPC) Receives a Buy from Oppenheimer


In a report released today, Chris Kotowski from Oppenheimer maintained a Buy rating on TCP Capital (TCPC), with a price target of $17. The company’s shares closed yesterday at $14.15.

Kotowski commented:

“Writing the TCPC earnings notes is one of our biggest challenges because on some level the reports all seem the same: every quarter since its 2012 IPO the company has cleanly covered its dividend out of net investment income and the NAV is relatively stable. 3Q18 was no exception. The company reported NII of $0.42/sh vs. our $0.41/ sh estimate and nicely above the $0.36 base dividend. The actual results versus our estimates appear in Exhibit 1 and all up and down the P&L the key line items were very close to our expectations and on trend with recent quarters. We view TCPC as one of the premier companies in the sector and have great confidence in the sustainability of the dividend (10.1%) yield currently.”

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 9.7% and a 61.1% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Great Elm Capital Corporation, and Fidus Investment Corporation.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for TCP Capital with a $16.75 average price target.

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The company has a one-year high of $16.25 and a one-year low of $13.71. Currently, TCP Capital has an average volume of 268.8K.

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Blackrock TCP Capital Corp. is an externally managed, closed-end and non-diversified management investment company. The company invests primarily in the debt of middle market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds.