TransCanada Corporation (TRP) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of TransCanada Corporation (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
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. “
TRP has been the subject of a number of other reports. BidaskClub raised TransCanada Corporation from a hold rating to a buy rating in a report on Sunday, July 16th. 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 report on Monday, July 31st. Finally, Morgan Stanley initiated coverage on TransCanada Corporation in a report on Friday, September 22nd. They issued an equal weight rating and a $53.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $64.75.
TransCanada Corporation (NYSE TRP) traded up 0.20% during trading on Wednesday, reaching $48.94. 956,534 shares of the company’s stock traded hands. TransCanada Corporation has a 12 month low of $42.69 and a 12 month high of $51.85. The firm’s 50 day moving average is $50.28 and its 200-day moving average is $48.44. The company has a market capitalization of $42.63 billion, a price-to-earnings ratio of 48.94 and a beta of 0.67.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.4995 per share. This is a boost from TransCanada Corporation’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Thursday, September 28th. TransCanada Corporation’s payout ratio is currently 232.56%.
Large investors have recently made changes to their positions in the business. Advisor Group Inc. raised its holdings in TransCanada Corporation by 30.4% during the 2nd quarter. Advisor Group Inc. now owns 3,002 shares of the pipeline company’s stock worth $143,000 after purchasing an additional 699 shares during the last quarter. Exane Derivatives raised its holdings in TransCanada Corporation by 294.7% during the 2nd quarter. Exane Derivatives now owns 4,018 shares of the pipeline company’s stock worth $192,000 after purchasing an additional 3,000 shares during the last quarter. Fairview Capital Investment Management LLC bought a new stake in TransCanada Corporation during the 2nd quarter worth about $200,000. Roberts Glore & Co. Inc. IL raised its holdings in TransCanada Corporation by 2.1% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 4,527 shares of the pipeline company’s stock worth $216,000 after purchasing an additional 93 shares during the last quarter. Finally, Investment House LLC bought a new stake in TransCanada Corporation during the 2nd quarter worth about $243,000. 56.79% of the stock is owned by hedge funds and other institutional investors.
TransCanada Corporation Company Profile
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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