Seaward Management Limited Partnership lowered its stake in TransCanada Corp. (NYSE:TRP) by 9.9% during the second quarter, Holdings Channel reports. The firm owned 9,125 shares of the company’s stock after selling 1,000 shares during the period. Seaward Management Limited Partnership’s holdings in TransCanada Corp. were worth $412,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in TransCanada Corp. during the first quarter valued at about $117,000. Roberts Glore & Co. Inc. IL bought a new position in shares of TransCanada Corp. during the first quarter valued at $202,000. Pennsylvania Trust Co boosted its position in shares of TransCanada Corp. by 9.3% in the second quarter. Pennsylvania Trust Co now owns 5,890 shares of the company’s stock valued at $266,000 after buying an additional 500 shares during the period. Eqis Capital Management Inc. boosted its position in shares of TransCanada Corp. by 0.6% in the second quarter. Eqis Capital Management Inc. now owns 8,554 shares of the company’s stock valued at $387,000 after buying an additional 55 shares during the period. Finally, Avalon Advisors LLC bought a new position in shares of TransCanada Corp. during the first quarter valued at $430,000. 50.19% of the stock is owned by institutional investors.
Shares of TransCanada Corp. (NYSE:TRP) traded up 1.32% during midday trading on Thursday, reaching $48.28. The company had a trading volume of 964,967 shares. The stock’s market capitalization is $38.62 billion. The company’s 50-day moving average is $46.93 and its 200-day moving average is $42.99. TransCanada Corp. has a 1-year low of $28.40 and a 1-year high of $48.52.
TransCanada Corp. (NYSE:TRP) last released its earnings results on Thursday, July 28th. The company reported $0.52 EPS for the quarter, hitting analysts’ consensus estimates of $0.52. TransCanada Corp. had a positive return on equity of 10.93% and a negative net margin of 12.06%. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the prior year, the firm posted $0.56 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities research analysts forecast that TransCanada Corp. will post $1.96 EPS for the current year.
The firm also recently declared 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 equities analysts have weighed in on TRP shares. BMO Capital Markets restated a “buy” rating and set a $65.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating and set a $70.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Goldman Sachs Group Inc. started coverage on TransCanada Corp. in a research note on Wednesday, July 20th. They set a “buy” rating and a $70.00 price objective on the stock. TD Securities restated a “buy” rating and set a $63.00 price objective on shares of TransCanada Corp. in a research note on Tuesday, July 19th. Finally, Bank of America Corp. started coverage on TransCanada Corp. in a research note on Thursday, September 1st. They set a “buy” rating and a $45.45 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 stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.65.
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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