TransCanada Corp.’s (TRP) “Outperform” Rating Reaffirmed at Scotiabank
Scotiabank reaffirmed their outperform rating on shares of TransCanada Corp. (NYSE:TRP) (TSE:TRP) in a research note published on Sunday morning. Scotiabank currently has a $69.00 price objective on the stock.
TRP has been the subject of a number of other reports. TD Securities reissued a buy rating and set a $67.00 price objective (up from $63.00) on shares of TransCanada Corp. in a research report on Sunday, July 31st. BMO Capital Markets reissued a buy rating and set a $65.00 price objective on shares of TransCanada Corp. in a research report on Friday, July 29th. Credit Suisse Group AG restated a buy rating and set a $70.00 target price on shares of TransCanada Corp. in a research note on Friday, July 29th. RBC Capital Markets restated an outperform rating and set a $72.00 target price on shares of TransCanada Corp. in a research note on Sunday. Finally, Zacks Investment Research upgraded TransCanada Corp. from a hold rating to a strong-buy rating and set a $49.00 target price for the company in a research note on Friday, November 4th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $60.96.
Shares of TransCanada Corp. (NYSE:TRP) opened at 44.67 on Friday. The firm’s market cap is $35.74 billion. The stock’s 50 day moving average is $45.99 and its 200-day moving average is $44.94. TransCanada Corp. has a 52 week low of $28.40 and a 52 week high of $48.52.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th will be paid a dividend of $0.4221 per share. This represents a $1.69 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Wednesday, December 28th. TransCanada Corp.’s dividend payout ratio (DPR) is presently -83.09%.
Several large investors have recently added to or reduced their stakes in TRP. Integrated Wealth Management boosted its stake in TransCanada Corp. by 9.1% in the second quarter. Integrated Wealth Management now owns 2,228 shares of the company’s stock valued at $101,000 after buying an additional 186 shares during the period. Assetmark Inc. boosted its stake in TransCanada Corp. by 52.9% in the third quarter. Assetmark Inc. now owns 2,492 shares of the company’s stock valued at $119,000 after buying an additional 862 shares during the period. Societe Generale bought a new stake in TransCanada Corp. during the second quarter valued at approximately $129,000. SG Americas Securities LLC bought a new stake in TransCanada Corp. during the second quarter valued at approximately $129,000. Finally, Thompson Davis & CO. Inc. bought a new stake in TransCanada Corp. during the second quarter valued at approximately $168,000. Institutional investors and hedge funds own 51.42% 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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