TransCanada Corporation (TRP) Lifted to Strong-Buy at Zacks Investment Research
TransCanada Corporation (NYSE:TRP) (TSE:TRP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The firm currently has a $57.00 price target on the pipeline company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.22% from the company’s previous close.
According to Zacks, “TransCanada is a North American energy company. They are focused on natural gas transmission and power services. Their pipeline transports the majority of Western Canada’s natural gas production to growing markets in Canada and the United States. “
A number of other brokerages have also commented on TRP. BMO Capital Markets lifted their price target on TransCanada Corporation from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. BidaskClub downgraded TransCanada Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Morgan Stanley started coverage on TransCanada Corporation in a research report on Friday, September 22nd. They set an “equal weight” rating and a $53.00 price objective for the company. Finally, J P Morgan Chase & Co started coverage on TransCanada Corporation in a research report on Thursday, October 5th. They set an “overweight” rating for the company. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. TransCanada Corporation has an average rating of “Buy” and an average price target of $65.13.
Shares of TransCanada Corporation (TRP) traded up 1.183% on Wednesday, reaching $50.055. 564,465 shares of the company traded hands. The firm’s 50 day moving average is $50.28 and its 200 day moving average is $48.55. The company has a market capitalization of $43.60 billion, a P/E ratio of 63.042 and a beta of 0.67. TransCanada Corporation has a one year low of $42.69 and a one year high of $51.85.
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A number of hedge funds have recently modified their holdings of TRP. FMR LLC increased its holdings in TransCanada Corporation by 16.2% in the second quarter. FMR LLC now owns 16,839,385 shares of the pipeline company’s stock worth $802,753,000 after purchasing an additional 2,350,684 shares in the last quarter. Vanguard Group Inc. increased its holdings in TransCanada Corporation by 4.8% in the second quarter. Vanguard Group Inc. now owns 21,658,344 shares of the pipeline company’s stock worth $1,032,453,000 after purchasing an additional 983,799 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in TransCanada Corporation by 69.1% in the second quarter. PNC Financial Services Group Inc. now owns 2,199,225 shares of the pipeline company’s stock worth $104,837,000 after purchasing an additional 898,862 shares in the last quarter. Renaissance Technologies LLC increased its holdings in TransCanada Corporation by 102.8% in the first quarter. Renaissance Technologies LLC now owns 1,221,103 shares of the pipeline company’s stock worth $56,356,000 after purchasing an additional 618,900 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in TransCanada Corporation by 540.7% in the second quarter. Wells Fargo & Company MN now owns 543,312 shares of the pipeline company’s stock worth $25,900,000 after purchasing an additional 458,516 shares in the last quarter. Institutional investors and hedge funds own 56.79% of the company’s stock.
About TransCanada Corporation
TransCanada Corporation is an energy infrastructure company. The Company is engaged in the development and operation of North American energy infrastructure, including natural gas and liquids pipelines, power generation and natural gas storage facilities. Its segments include Canadian Natural Gas Pipelines, U.S.
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