TransCanada Corp. (TRP) Trading Down 1.6%
TransCanada Corp. (NYSE:TRP)’s share price traded 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. The stock had previously closed at $47.26.
A number of equities analysts recently issued reports on the stock. BMO Capital Markets reissued a “buy” rating and issued a $65.00 price objective on shares of TransCanada Corp. in a report on Tuesday. Credit Suisse Group AG reaffirmed a “buy” rating on shares of TransCanada Corp. in a report on Saturday, June 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of TransCanada Corp. in a report on Monday, June 13th. Zacks Investment Research raised shares of TransCanada Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, April 13th. Finally, TheStreet raised shares of TransCanada Corp. from a “sell” rating to a “hold” rating in a report on Monday, April 11th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $55.14.
The firm has a 50 day moving average of $44.51 and a 200 day moving average of $38.94. The firm’s market cap is $32.65 billion.
TransCanada Corp. (NYSE:TRP) last issued its quarterly earnings results on Friday, April 29th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.04. The business earned $2.55 billion during the quarter, compared to analyst estimates of $2.98 billion. TransCanada Corp.’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.66 EPS. On average, equities analysts forecast that TransCanada Corp. will post $2.55 EPS for the current fiscal year.
The firm 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 of this dividend is Tuesday, June 28th. This represents a $1.78 annualized dividend and a yield of 3.83%. This is a positive change from TransCanada Corp.’s previous quarterly dividend of $0.41.
Other institutional investors have modified their holdings of the company. Stevens Capital Management LP acquired a new position in shares of TransCanada Corp. during the fourth quarter valued at $1,127,000. FOURPOINTS Investment Managers S.A.S. increased 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. Lipe & Dalton increased 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. Quantitative Investment Management LLC increased its position in shares of TransCanada Corp. by 447.7% in the fourth quarter. Quantitative Investment Management LLC now owns 71,200 shares of the company’s stock valued at $2,320,000 after buying an additional 58,200 shares during the period. Finally, Comerica Bank increased its position in shares of 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.
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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