TransCanada Corp. (TRP) Trading Down 1.6%
TransCanada Corp. (NYSE:TRP) was down 1.6% during mid-day trading on Monday . The company traded as low as $46.49 and last traded at $46.50, with a volume of 407,640 shares changing hands. The stock had previously closed at $47.26.
A number of equities research analysts recently issued reports on TRP shares. Citigroup Inc. upgraded TransCanada Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $55.00 in a research note on Wednesday, March 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $64.00 price objective on shares of TransCanada Corp. in a research note on Monday, June 13th. BMO Capital Markets restated a “buy” rating on shares of TransCanada Corp. in a research note on Monday, June 20th. TD Securities restated a “buy” rating and issued a $63.00 price objective (up from $62.00) on shares of TransCanada Corp. in a research note on Wednesday, June 15th. Finally, Barclays PLC boosted their price objective on TransCanada Corp. from $33.00 to $43.00 and gave the company an “equal weight” rating in a research note on Monday, May 2nd. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. TransCanada Corp. has an average rating of “Buy” and an average price target of $54.82.
The stock has a 50 day moving average of $44.39 and a 200 day moving average of $38.82. The stock’s market capitalization is $32.77 billion.
TransCanada Corp. (NYSE:TRP) last posted its quarterly earnings results on Friday, April 29th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The company earned $2.55 billion during the quarter, compared to analyst estimates of $2.98 billion. TransCanada Corp.’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.66 EPS. On average, equities research analysts expect that TransCanada Corp. will post $2.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Thursday, June 30th will be issued a $0.4456 dividend. The ex-dividend date is Tuesday, June 28th. This is a positive change from TransCanada Corp.’s previous quarterly dividend of $0.41. This represents a $1.78 annualized dividend and a dividend yield of 3.82%.
Other large investors recently bought and sold shares of the company. First Trust Advisors LP boosted its stake in TransCanada Corp. by 26.0% in the fourth quarter. First Trust Advisors LP now owns 192,097 shares of the company’s stock valued at $6,260,000 after buying an additional 39,641 shares in the last quarter. Comerica Bank boosted its stake in TransCanada Corp. by 16.1% in the fourth quarter. Comerica Bank now owns 76,160 shares of the company’s stock valued at $2,340,000 after buying an additional 10,538 shares during the period. Stevens Capital Management LP acquired a new stake in TransCanada Corp. during the fourth quarter valued at about $1,127,000. State of Wisconsin Investment Board boosted its stake in TransCanada Corp. by 31.2% in the fourth quarter. State of Wisconsin Investment Board now owns 790,927 shares of the company’s stock valued at $25,730,000 after buying an additional 188,100 shares during the period. Finally, Vanguard Group Inc. boosted its stake in TransCanada Corp. by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 11,500,452 shares of the company’s stock valued at $374,800,000 after buying an additional 741,086 shares during the period.
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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