TransCanada Corp. (NYSE:TRP) (TSE:TRP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research 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. “
Several other analysts also recently commented on TRP. Credit Suisse Group AG set a $70.00 price objective on TransCanada Corp. and gave the stock a “buy” rating in a research note on Saturday, November 19th. GMP Securities raised TransCanada Corp. from a “hold” rating to a “buy” rating in a research note on Monday, November 21st. RBC Capital Markets reissued an “outperform” rating and issued a $72.00 price objective on shares of TransCanada Corp. in a research note on Sunday, November 20th. BMO Capital Markets reissued a “buy” rating and issued a $65.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Finally, TD Securities reissued a “buy” rating and issued a $67.00 price objective (up from $63.00) on shares of TransCanada Corp. in a research note on Sunday, July 31st. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $61.27.
Shares of TransCanada Corp. (NYSE:TRP) opened at 45.36 on Friday. The company’s market capitalization is $36.29 billion. The stock’s 50 day moving average price is $45.29 and its 200-day moving average price is $45.35. TransCanada Corp. has a 52-week low of $28.40 and a 52-week high of $48.52.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be given a $0.4221 dividend. This represents a $1.69 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Wednesday, December 28th. TransCanada Corp.’s dividend payout ratio is currently -83.09%.
A number of hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Management increased its stake 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 in the last quarter. Assetmark Inc. raised its position in TransCanada Corp. by 52.9% in the third quarter. Assetmark Inc. now owns 2,492 shares of the company’s stock worth $119,000 after buying an additional 862 shares during the last quarter. Societe Generale bought a new position in TransCanada Corp. during the second quarter worth approximately $129,000. SG Americas Securities LLC bought a new position in TransCanada Corp. during the second quarter worth approximately $129,000. Finally, Thompson Davis & CO. Inc. bought a new position in TransCanada Corp. during the second quarter worth approximately $168,000. 55.59% 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.