TransCanada Corp. (trp) Increases Dividend to $0.43 Per Share
TransCanada Corp. (NYSE:trp) announced a dividend on Thursday, July 28th. Shareholders of record on Friday, September 30th will be given a dividend of 0.433 per share on Monday, October 31st. The ex-dividend date is Wednesday, September 28th. This is a positive change from TransCanada Corp.’s previous dividend of $0.39.
Several institutional investors have recently made changes to their positions in TRP. State of Tennessee Treasury Department boosted its position in shares of TransCanada Corp. by 10.5% in the second quarter. State of Tennessee Treasury Department now owns 1,015,441 shares of the company’s stock worth $45,720,000 after buying an additional 96,453 shares during the last quarter. TCW Group Inc. boosted its position in shares of TransCanada Corp. by 37.1% in the second quarter. TCW Group Inc. now owns 35,500 shares of the company’s stock valued at $1,605,000 after buying an additional 9,600 shares in the last quarter. Korea Investment CORP boosted its position in shares of TransCanada Corp. by 63.5% in the second quarter. Korea Investment CORP now owns 388,700 shares of the company’s stock valued at $17,497,000 after buying an additional 150,900 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of TransCanada Corp. during the second quarter valued at about $1,411,000. Finally, Ingalls & Snyder LLC purchased a new position in shares of TransCanada Corp. during the second quarter valued at about $389,000. 50.19% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have commented on TRP shares. Bank of America Corp. initiated coverage on shares of TransCanada Corp. in a research report on Thursday, September 1st. They issued a “buy” rating and a $45.45 target price for the company. Goldman Sachs Group Inc. initiated coverage on shares of TransCanada Corp. in a research note on Wednesday, July 20th. They set a “buy” rating and a $70.00 price target on the stock. Credit Suisse Group AG reiterated a “buy” rating and set a $70.00 price target on shares of TransCanada Corp. in a research note on Friday, July 29th. BMO Capital Markets reiterated a “buy” rating and set a $65.00 price target on shares of TransCanada Corp. in a research note on Tuesday, July 19th. Finally, Scotiabank reiterated an “outperform” rating and set a $68.00 price target (up previously from $66.00) on shares of TransCanada Corp. in a research note on Sunday, July 31st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. TransCanada Corp. presently has a consensus rating of “Buy” and a consensus target price of $58.65.
TransCanada Corp. (NYSE:TRP) opened at 48.28 on Friday. TransCanada Corp. has a 52 week low of $28.40 and a 52 week high of $48.52. The firm’s 50-day moving average is $46.93 and its 200-day moving average is $42.99. The firm’s market cap is $38.62 billion.
TransCanada Corp. (NYSE:TRP) last announced its earnings results on Thursday, July 28th. The company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.58 billion. TransCanada Corp. had a negative net margin of 12.06% and a positive return on equity of 10.93%. The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.56 EPS. On average, equities analysts anticipate that TransCanada Corp. will post $1.96 earnings per share for the current year.
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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