Jones Collombin Investment Counsel Inc Reduces Position in TransCanada Corporation (TRP)
Jones Collombin Investment Counsel Inc lowered its position in shares of TransCanada Corporation (NYSE:TRP) (TSE:TRP) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,177 shares of the pipeline company’s stock after selling 375 shares during the period. TransCanada Corporation accounts for 4.1% of Jones Collombin Investment Counsel Inc’s holdings, making the stock its 7th largest position. Jones Collombin Investment Counsel Inc’s holdings in TransCanada Corporation were worth $11,787,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Exane Derivatives raised its position in shares of TransCanada Corporation by 294.7% in the second quarter. Exane Derivatives now owns 4,018 shares of the pipeline company’s stock worth $192,000 after buying an additional 3,000 shares during the period. Investment House LLC acquired a new position in shares of TransCanada Corporation during the second quarter worth approximately $243,000. Bernicke Wealth Management Ltd. acquired a new position in shares of TransCanada Corporation during the first quarter worth approximately $261,000. Virtu Financial LLC acquired a new position in shares of TransCanada Corporation during the second quarter worth approximately $275,000. Finally, National Asset Management Inc. raised its position in shares of TransCanada Corporation by 5.4% in the first quarter. National Asset Management Inc. now owns 5,982 shares of the pipeline company’s stock worth $277,000 after buying an additional 306 shares during the period. 56.12% of the stock is currently owned by institutional investors.
TransCanada Corporation (NYSE TRP) opened at 49.08 on Friday. The company has a market cap of $42.75 billion, a PE ratio of 50.65 and a beta of 0.66. TransCanada Corporation has a 52 week low of $42.69 and a 52 week high of $51.81. The company’s 50-day moving average price is $49.58 and its 200 day moving average price is $47.52.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.4995 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.07%. This is an increase from TransCanada Corporation’s previous quarterly dividend of $0.46. TransCanada Corporation’s payout ratio is presently 215.12%.
A number of research analysts have recently commented on TRP shares. TheStreet raised TransCanada Corporation from a “c” rating to a “b-” rating in a report on Friday, May 5th. BidaskClub raised TransCanada Corporation from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Zacks Investment Research raised TransCanada Corporation from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Saturday, July 8th. BMO Capital Markets raised their target price on TransCanada Corporation from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $53.00 target price on shares of TransCanada Corporation in a research note on Friday, May 12th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.81.
About TransCanada Corporation
TransCanada Corporation is an energy infrastructure company. The Company is engaged in the development and operation of North American energy infrastructure, including natural gas and liquids pipelines, power generation and natural gas storage facilities. Its segments include Canadian Natural Gas Pipelines, U.S.
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