TransCanada Corp. (TRP) Lowered to Hold at Zacks Investment Research
TransCanada Corp. (NYSE:TRP) (TSE:TRP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Friday.
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 analysts have also recently commented on TRP. Credit Suisse Group AG set a $70.00 target price on shares of TransCanada Corp. and gave the company a “buy” rating in a report on Saturday, November 19th. GMP Securities upgraded shares of TransCanada Corp. from a “hold” rating to a “buy” rating in a report on Monday. RBC Capital Markets restated an “outperform” rating and set a $72.00 target price on shares of TransCanada Corp. in a report on Sunday, November 20th. BMO Capital Markets reaffirmed a “buy” rating and issued a $65.00 price target on shares of TransCanada Corp. in a research report on Friday, July 29th. Finally, TD Securities reaffirmed a “buy” rating and issued a $67.00 price target (up previously from $63.00) on shares of TransCanada Corp. in a research report on Sunday, July 31st. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $61.27.
TransCanada Corp. (NYSE:TRP) opened at 45.41 on Friday. The company’s 50-day moving average is $45.39 and its 200 day moving average is $45.20. The company’s market cap is $36.33 billion. TransCanada Corp. has a 52-week low of $28.40 and a 52-week high of $48.52.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be paid a dividend of $0.4221 per share. The ex-dividend date is Wednesday, December 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 3.72%. TransCanada Corp.’s dividend payout ratio is currently -83.09%.
Large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors purchased a new stake in TransCanada Corp. during the third quarter worth about $497,502,000. 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in TransCanada Corp. by 72.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,955,287 shares of the company’s stock worth $473,470,000 after buying an additional 4,180,307 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in TransCanada Corp. during the second quarter worth about $148,976,000. Finally, Emerald Acquisition Ltd. purchased a new stake in TransCanada Corp. during the second quarter worth about $132,573,000. Institutional investors and hedge funds own 51.54% 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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