Trade Report: The TransCanada Corp. (TRP) gets “Sell” status at The Zacks Investment Research

The TransCanada Corp. (TRP) gets “Sell” status at The Zacks Investment Research

TransCanada Corp. (NYSE:TRP) (TSE:TRP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

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. “

Several other research analysts also recently weighed in on the stock. Credit Suisse Group AG restated a “buy” rating and set a $70.00 price target on shares of TransCanada Corp. in a research report on Friday, July 29th. TD Securities restated a “buy” rating and set a $63.00 price target on shares of TransCanada Corp. in a research report on Tuesday, July 19th. BMO Capital Markets restated a “buy” rating and set a $65.00 price target on shares of TransCanada Corp. in a research report on Tuesday, July 19th. Goldman Sachs Group Inc. assumed coverage on shares of TransCanada Corp. in a research report on Wednesday, July 20th. They set a “buy” rating and a $70.00 price target for the company. Finally, Scotiabank restated an “outperform” rating and set a $68.00 price target (up previously from $66.00) on shares of TransCanada Corp. in a research report on Sunday, July 31st. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $61.27.

Shares of TransCanada Corp. (NYSE:TRP) traded up 0.20% during mid-day trading on Wednesday, reaching $45.50. 397,223 shares of the company’s stock traded hands. TransCanada Corp. has a 12-month low of $28.40 and a 12-month high of $48.52. The stock’s market capitalization is $36.40 billion. The company’s 50-day moving average price is $45.32 and its 200-day moving average price is $45.24.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders 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 annualized dividend and a dividend yield of 3.71%. TransCanada Corp.’s dividend payout ratio (DPR) is -83.09%.

Hedge funds have recently bought and sold shares of the stock. Eqis Capital Management Inc. boosted its position in TransCanada Corp. by 0.6% in the second quarter. Eqis Capital Management Inc. now owns 8,554 shares of the company’s stock worth $387,000 after buying an additional 55 shares during the last quarter. Integrated Wealth Management boosted its position in TransCanada Corp. by 9.1% in the second quarter. Integrated Wealth Management now owns 2,228 shares of the company’s stock worth $101,000 after buying an additional 186 shares during the last quarter. Bollard Group LLC boosted its position in TransCanada Corp. by 0.5% in the second quarter. Bollard Group LLC now owns 38,936 shares of the company’s stock worth $1,761,000 after buying an additional 189 shares during the last quarter. Forte Capital LLC ADV boosted its position in TransCanada Corp. by 0.6% in the third quarter. Forte Capital LLC ADV now owns 47,003 shares of the company’s stock worth $2,235,000 after buying an additional 300 shares during the last quarter. Finally, Acadia Trust NA boosted its position in TransCanada Corp. by 0.4% in the third quarter. Acadia Trust NA now owns 85,478 shares of the company’s stock worth $4,065,000 after buying an additional 323 shares during the last quarter. 51.54% of the stock is owned by institutional investors and hedge funds.

About TransCanada Corp.

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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