TransCanada Corporation (TRP) Upgraded to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of TransCanada Corporation (NYSE:TRP) (TSE:TRP) from a hold rating to a strong-buy rating in a research report report published on Wednesday. The firm currently has $57.00 price target on the pipeline company’s stock.
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 issued reports on TRP. Morgan Stanley initiated coverage on shares of TransCanada Corporation in a research note on Friday, September 22nd. They set an equal weight rating and a $53.00 price target on the stock. BidaskClub lowered shares of TransCanada Corporation from a buy rating to a hold rating in a research note on Monday, July 31st. J P Morgan Chase & Co initiated coverage on shares of TransCanada Corporation in a research note on Thursday, October 5th. They set an overweight rating on the stock. Finally, BMO Capital Markets boosted their price target on shares of TransCanada Corporation from $72.00 to $73.00 and gave the stock an outperform rating in a research note on Monday, July 31st. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. TransCanada Corporation has a consensus rating of Buy and a consensus target price of $65.13.
TransCanada Corporation (NYSE TRP) opened at 50.17 on Wednesday. The company has a market capitalization of $43.70 billion, a PE ratio of 50.17 and a beta of 0.67. TransCanada Corporation has a one year low of $42.69 and a one year high of $51.85. The firm’s 50-day moving average is $50.26 and its 200 day moving average is $48.61.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.4995 per share. The ex-dividend date is Thursday, September 28th. This is an increase from TransCanada Corporation’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.98%. TransCanada Corporation’s payout ratio is currently 232.56%.
Several institutional investors have recently made changes to their positions in the company. Frontier Investment Mgmt Co. grew its position in shares of TransCanada Corporation by 2.1% during the second quarter. Frontier Investment Mgmt Co. now owns 307,879 shares of the pipeline company’s stock worth $14,677,000 after buying an additional 6,405 shares in the last quarter. Intl Fcstone Inc. acquired a new position in shares of TransCanada Corporation during the second quarter worth about $807,000. Advisory Services Network LLC grew its position in shares of TransCanada Corporation by 16.3% during the second quarter. Advisory Services Network LLC now owns 10,504 shares of the pipeline company’s stock worth $501,000 after buying an additional 1,475 shares in the last quarter. Capital Innovations LLC grew its position in shares of TransCanada Corporation by 13.7% during the second quarter. Capital Innovations LLC now owns 21,563 shares of the pipeline company’s stock worth $1,027,000 after buying an additional 2,590 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of TransCanada Corporation by 0.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 40,707 shares of the pipeline company’s stock worth $1,941,000 after buying an additional 216 shares in the last quarter. 56.79% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for TransCanada Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TransCanada Corporation and related stocks with our FREE daily email newsletter.