Todays Report: Today, TD Securities Reaffirms Buy Rating for TransCanada Corp. (TRP)

Today, TD Securities Reaffirms Buy Rating for TransCanada Corp. (TRP)

TD Securities reiterated their buy rating on shares of TransCanada Corp. (NYSE:TRP) in a research report sent to investors on Wednesday morning. TD Securities currently has a $67.00 price target on the stock.

A number of other equities research analysts also recently weighed in on TRP. BMO Capital Markets restated a buy rating on shares of TransCanada Corp. in a research report on Monday, June 20th. Goldman Sachs Group Inc. began coverage on TransCanada Corp. in a research report on Wednesday, July 20th. They issued a buy rating and a $70.00 target price for the company. Credit Suisse Group AG restated a buy rating and issued a $70.00 target price on shares of TransCanada Corp. in a research report on Friday, July 29th. Scotiabank restated an outperform rating and issued a $68.00 target price (up from $66.00) on shares of TransCanada Corp. in a research report on Sunday, July 31st. Finally, Bank of America Corp. began coverage on TransCanada Corp. in a research report on Thursday, September 1st. They issued a buy rating and a $45.45 target price for the company. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. TransCanada Corp. presently has an average rating of Buy and an average price target of $58.73.

TransCanada Corp. (NYSE:TRP) opened at 46.04 on Wednesday. The firm has a 50 day moving average price of $46.76 and a 200 day moving average price of $44.06. TransCanada Corp. has a 52 week low of $28.40 and a 52 week high of $48.52. The stock’s market capitalization is $36.83 billion.

TransCanada Corp. (NYSE:TRP) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. TransCanada Corp. had a positive return on equity of 10.93% and a negative net margin of 12.06%. The business earned $2.75 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period in the prior year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts predict that TransCanada Corp. will post $1.94 earnings per share for the current year.

The firm also recently announced a dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.433 per share. This is an increase from TransCanada Corp.’s previous dividend of $0.39. The ex-dividend date is Wednesday, September 28th. TransCanada Corp.’s dividend payout ratio is presently -114.67%.

A number of institutional investors have recently bought and sold shares of TRP. JPMorgan Chase & Co. increased its position in TransCanada Corp. by 159.5% in the second quarter. JPMorgan Chase & Co. now owns 11,846,868 shares of the company’s stock valued at $535,715,000 after buying an additional 7,281,918 shares during the last quarter. Mackenzie Financial Corp acquired a new position in TransCanada Corp. during the second quarter valued at approximately $148,976,000. Emerald Acquisition Ltd. acquired a new position in TransCanada Corp. during the second quarter valued at approximately $132,573,000. Guardian Capital LP increased its position in TransCanada Corp. by 62.3% in the second quarter. Guardian Capital LP now owns 5,605,183 shares of the company’s stock valued at $251,886,000 after buying an additional 2,150,849 shares during the last quarter. Finally, Brookfield Asset Management Inc. increased its position in TransCanada Corp. by 48.7% in the second quarter. Brookfield Asset Management Inc. now owns 6,012,654 shares of the company’s stock valued at $270,822,000 after buying an additional 1,969,179 shares during the last quarter. 50.15% of the stock is currently owned by hedge funds and other institutional investors.

About TransCanada Corp.

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