TransCanada Corp. (TRP) Receives “Buy” Rating from TD Securities
TransCanada Corp. (NYSE:TRP)‘s stock had its “buy” rating reiterated by TD Securities in a research report issued on Wednesday. They presently have a $67.00 price objective on the stock. TD Securities’ price target indicates a potential upside of 45.21% from the stock’s previous close.
A number of other equities analysts have also commented on TRP. BMO Capital Markets reissued a “buy” rating and issued a $65.00 price target on shares of TransCanada Corp. in a report on Friday, July 29th. Scotiabank reissued an “outperform” rating and issued a $69.00 price target (up previously from $68.00) on shares of TransCanada Corp. in a report on Friday, September 23rd. Credit Suisse Group AG reissued a “buy” rating and issued a $70.00 price target on shares of TransCanada Corp. in a report on Friday, July 29th. Goldman Sachs Group Inc. assumed coverage on shares of TransCanada Corp. in a report on Wednesday, July 20th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Bank of America Corp. assumed coverage on shares of TransCanada Corp. in a report on Thursday, September 1st. They issued a “buy” rating and a $45.45 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. TransCanada Corp. has a consensus rating of “Buy” and a consensus target price of $58.73.
Shares of TransCanada Corp. (NYSE:TRP) traded up 1.05% during trading on Wednesday, reaching $46.14. 703,457 shares of the company were exchanged. TransCanada Corp. has a one year low of $28.40 and a one year high of $48.52. The stock’s market capitalization is $36.91 billion. The stock has a 50-day moving average price of $46.83 and a 200-day moving average price of $43.98.
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TransCanada Corp. (NYSE:TRP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.52 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.52. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.58 billion. TransCanada Corp. had a negative net margin of 12.06% and a positive return on equity of 10.93%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.56 EPS. Analysts forecast that TransCanada Corp. will post $1.94 EPS for the current year.
The business also recently disclosed a dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a $0.433 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This is a positive change from TransCanada Corp.’s previous dividend of $0.39. TransCanada Corp.’s dividend payout ratio is -114.67%.
A number of hedge funds and other institutional investors have recently modified their holdings of TRP. Omega Advisors Inc. bought a new position in shares of TransCanada Corp. during the first quarter valued at approximately $8,677,000. Adage Capital Partners GP L.L.C. bought a new position in shares of TransCanada Corp. during the first quarter valued at approximately $2,948,000. AMP Capital Investors Ltd raised its position in shares of TransCanada Corp. by 11.4% in the first quarter. AMP Capital Investors Ltd now owns 1,136,869 shares of the company’s stock valued at $44,577,000 after buying an additional 116,144 shares during the period. TPH Asset Management LLC raised its position in shares of TransCanada Corp. by 3,454.4% in the first quarter. TPH Asset Management LLC now owns 451,264 shares of the company’s stock valued at $17,739,000 after buying an additional 438,568 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of TransCanada Corp. by 35.1% in the first quarter. Renaissance Technologies LLC now owns 497,903 shares of the company’s stock valued at $19,589,000 after buying an additional 129,400 shares during the period. Institutional investors and hedge funds own 50.18% of the company’s stock.
TransCanada Corp. Company Profile
TransCanada Corporation (TransCanada) is an energy infrastructure company. The Company operates through three segments: Natural Gas Pipelines, Liquids Pipelines and Energy. The Natural Gas Pipelines segment consists of the Company’s investments in approximately 67,300 kilometers (km) (approximately 41,900 miles) of regulated natural gas pipelines and over 250 billion cubic feet (Bcf) of regulated natural gas storage facilities.
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