Today, TransCanada Corp. (TRP) gets Hold status at The Zacks Investment Research

Today, TransCanada Corp. (TRP) gets Hold status at The Zacks Investment Research

TransCanada Corp. (NYSE:TRP) (TSE:TRP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “TransCanada is a North American energy company. They are focused on natural gas transmission and power services. Their pipeline transports the majority of Western Canada’s natural gas production to growing markets in Canada and the United States. “

TRP has been the topic of a number of other reports. Bank of America Corp. began coverage on shares of TransCanada Corp. in a research note on Thursday, September 1st. They set a “buy” rating and a $45.45 price objective on the stock. TD Securities restated a “buy” rating and set a $67.00 price objective on shares of TransCanada Corp. in a research note on Wednesday, October 12th. Credit Suisse Group AG restated a “buy” rating and set a $70.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Scotiabank restated an “outperform” rating and set a $69.00 price objective on shares of TransCanada Corp. in a research note on Sunday, November 20th. Finally, BMO Capital Markets restated an “outperform” rating and set a $65.00 price objective on shares of TransCanada Corp. in a research note on Tuesday, September 27th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $61.27.

Shares of TransCanada Corp. (NYSE:TRP) opened at 45.41 on Friday. The firm has a 50-day moving average of $45.39 and a 200 day moving average of $45.20. TransCanada Corp. has a one year low of $28.40 and a one year high of $48.52. The stock’s market capitalization is $36.33 billion.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be paid a $0.4221 dividend. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $1.69 dividend on an annualized basis and a yield of 3.72%. TransCanada Corp.’s dividend payout ratio is currently -83.09%.

Institutional investors have recently modified their holdings of the company. Brookfield Asset Management Inc. boosted its position in TransCanada Corp. by 2.0% in the third quarter. Brookfield Asset Management Inc. now owns 6,133,454 shares of the company’s stock valued at $291,978,000 after buying an additional 120,800 shares during the period. D.A. Davidson & CO. boosted its position in TransCanada Corp. by 121.8% in the third quarter. D.A. Davidson & CO. now owns 7,055 shares of the company’s stock valued at $335,000 after buying an additional 3,874 shares during the period. Price T Rowe Associates Inc. MD boosted its position in TransCanada Corp. by 72.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,955,287 shares of the company’s stock valued at $473,470,000 after buying an additional 4,180,307 shares during the period. LPL Financial LLC boosted its position in TransCanada Corp. by 3.9% in the third quarter. LPL Financial LLC now owns 10,017 shares of the company’s stock valued at $470,000 after buying an additional 378 shares during the period. Finally, Peloton Wealth Strategists acquired a new position in TransCanada Corp. during the third quarter valued at $1,146,000. 51.54% of the stock is currently owned by hedge funds and other institutional investors.

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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