TransCanada Corp. (TRP) Hits New 1-Year High at $46.66
TransCanada Corp. (NYSE:TRP) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $46.66 and last traded at $46.31, with a volume of 565,796 shares. The stock had previously closed at $46.08.
A number of research firms recently issued reports on TRP. Credit Suisse Group AG began coverage on TransCanada Corp. in a report on Friday, April 8th. They set an “outperform” rating on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $59.00 target price (up from $58.00) on shares of TransCanada Corp. in a report on Tuesday, April 5th. Zacks Investment Research raised TransCanada Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, April 13th. TheStreet raised TransCanada Corp. from a “sell” rating to a “hold” rating in a report on Monday, April 11th. Finally, Barclays PLC lifted their target price on TransCanada Corp. from $33.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, May 2nd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $54.82.
The firm’s market capitalization is $32.44 billion. The company has a 50 day moving average price of $43.30 and a 200 day moving average price of $38.14.
TransCanada Corp. (NYSE:TRP) last posted its quarterly earnings data on Friday, April 29th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. During the same period in the prior year, the firm posted $0.66 EPS. The business 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. Equities research analysts predict that TransCanada Corp. will post $2.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Thursday, June 30th will be paid a dividend of $0.4456 per share. This represents a $1.78 annualized dividend and a dividend yield of 3.86%. This is a boost from TransCanada Corp.’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Tuesday, June 28th.
Several institutional investors have recently modified their holdings of the stock. Stevens Capital Management LP purchased a new position in shares of TransCanada Corp. during the fourth quarter valued at about $1,127,000. World Asset Management Inc raised its position in shares of TransCanada Corp. by 2.4% in the fourth quarter. World Asset Management Inc now owns 37,603 shares of the company’s stock valued at $1,225,000 after buying an additional 865 shares during the period. FOURPOINTS Investment Managers S.A.S. raised its position in shares of TransCanada Corp. by 1.2% in the fourth quarter. FOURPOINTS Investment Managers S.A.S. now owns 40,739 shares of the company’s stock valued at $1,328,000 after buying an additional 474 shares during the period. Heronetta Management L.P. raised its position in shares of TransCanada Corp. by 6.8% in the fourth quarter. Heronetta Management L.P. now owns 47,100 shares of the company’s stock valued at $2,128,000 after buying an additional 3,000 shares during the period. Finally, Lipe & Dalton raised its position in shares of TransCanada Corp. by 11.3% in the fourth quarter. Lipe & Dalton now owns 61,222 shares of the company’s stock valued at $1,995,000 after buying an additional 6,215 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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