Scotiabank reaffirmed their outperform rating on shares of TransCanada Corp. (NYSE:TRP) in a research note published on Friday. The brokerage currently has a $69.00 price target on the stock, up from their prior price target of $68.00.
Several other equities analysts also recently commented on the company. Bank of America Corp. began coverage on TransCanada Corp. in a research note on Thursday, September 1st. They issued a buy rating and a $45.45 price objective on the stock. TD Securities reiterated a buy rating and issued a $67.00 price objective (up previously from $63.00) on shares of TransCanada Corp. in a research note on Sunday, July 31st. BMO Capital Markets restated a buy rating and set a $65.00 target price 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 report on Friday, July 29th. Finally, Goldman Sachs Group Inc. started coverage on TransCanada Corp. in a research report on Wednesday, July 20th. They set a buy rating and a $70.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $58.73.
TransCanada Corp. (NYSE:TRP) opened at 47.64 on Friday. TransCanada Corp. has a 52-week low of $28.40 and a 52-week high of $48.52. The firm’s market capitalization is $38.11 billion. The stock’s 50 day moving average price is $47.02 and its 200 day moving average price is $43.34.
TransCanada Corp. (NYSE:TRP) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. TransCanada Corp. had a positive return on equity of 10.93% and a negative net margin of 12.06%. The business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the business earned $0.56 earnings per share. TransCanada Corp.’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts predict that TransCanada Corp. will post $1.96 EPS for the current fiscal year.
The company also recently announced a dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a $0.433 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This is a boost from TransCanada Corp.’s previous dividend of $0.39. TransCanada Corp.’s dividend payout ratio is currently -115.33%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRP. Canada Pension Plan Investment Board boosted its position in TransCanada Corp. by 304.9% in the first quarter. Canada Pension Plan Investment Board now owns 415,310 shares of the company’s stock worth $16,395,000 after buying an additional 312,748 shares in the last quarter. AMF Pensionsforsakring AB boosted its position in TransCanada Corp. by 40.2% in the first quarter. AMF Pensionsforsakring AB now owns 12,900 shares of the company’s stock worth $512,000 after buying an additional 3,700 shares in the last quarter. Aviva PLC boosted its position in TransCanada Corp. by 1.8% in the first quarter. Aviva PLC now owns 386,889 shares of the company’s stock worth $15,232,000 after buying an additional 6,832 shares in the last quarter. Brookfield Asset Management Inc. boosted its position in TransCanada Corp. by 175.8% in the first quarter. Brookfield Asset Management Inc. now owns 4,043,475 shares of the company’s stock worth $159,109,000 after buying an additional 2,577,275 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new position in TransCanada Corp. during the first quarter worth approximately $17,626,000. 50.19% of the stock is currently owned by institutional investors and hedge funds.
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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