TransCanada Corp.’s (TRP) Outperform Rating Reaffirmed at BMO Capital Markets
TRP has been the topic of several other research reports. Scotiabank restated an outperform rating and issued a $68.00 price target (up previously from $66.00) on shares of TransCanada Corp. in a research report on Sunday, July 31st. Credit Suisse Group AG reaffirmed a buy rating on shares of TransCanada Corp. in a report on Saturday, June 4th. TD Securities reaffirmed a buy rating and issued a $67.00 price objective (up previously from $63.00) on shares of TransCanada Corp. in a report on Sunday, July 31st. Royal Bank Of Canada reaffirmed an outperform rating and issued a $64.00 price objective on shares of TransCanada Corp. in a report on Monday, June 13th. Finally, Goldman Sachs Group Inc. assumed coverage on TransCanada Corp. in a report on Wednesday, July 20th. They issued a buy rating and a $70.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $58.73.
TransCanada Corp. (NYSE:TRP) opened at 46.6285 on Tuesday. The stock has a 50 day moving average price of $47.00 and a 200 day moving average price of $43.31. The company’s market capitalization is $37.30 billion. TransCanada Corp. has a 52-week low of $28.40 and a 52-week high of $48.52.
TransCanada Corp. (NYSE:TRP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.52. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.58 billion. TransCanada Corp. had a positive return on equity of 10.93% and a negative net margin of 12.06%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.56 EPS. On average, equities analysts expect that TransCanada Corp. will post $1.96 earnings per share for the current year.
The company also recently disclosed a dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.433 per share. This is an increase from TransCanada Corp.’s previous dividend of $0.39. The ex-dividend date is Wednesday, September 28th. TransCanada Corp.’s dividend payout ratio is presently -115.33%.
Several hedge funds have recently added to or reduced their stakes in TRP. JPMorgan Chase & Co. increased its stake in TransCanada Corp. by 159.5% in the second quarter. JPMorgan Chase & Co. now owns 11,846,868 shares of the company’s stock worth $535,715,000 after buying an additional 7,281,918 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of TransCanada Corp. during the second quarter valued at about $148,976,000. Emerald Acquisition Ltd. bought a new stake in shares of TransCanada Corp. during the second quarter valued at about $132,573,000. Brookfield Asset Management Inc. increased its stake in shares of TransCanada Corp. by 175.8% in the first quarter. Brookfield Asset Management Inc. now owns 4,043,475 shares of the company’s stock valued at $159,109,000 after buying an additional 2,577,275 shares in the last quarter. Finally, Guardian Capital LP increased its stake in shares of TransCanada Corp. by 62.3% in the second quarter. Guardian Capital LP now owns 5,605,183 shares of the company’s stock valued at $251,886,000 after buying an additional 2,150,849 shares in the last quarter. Institutional investors and hedge funds own 50.19% of the company’s stock.
About TransCanada Corp.
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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