BidaskClub Upgrades TransCanada Corporation (NYSE:TRP) to Buy

TransCanada Corporation (NYSE:TRP) (TSE:TRP) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a report released on Sunday.

TRP has been the subject of a number of other reports. TheStreet upgraded TransCanada Corporation from a “c” rating to a “b-” rating in a report on Friday, May 5th. Zacks Investment Research downgraded TransCanada Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, April 19th. Wolfe Research reiterated an “outperform” rating and set a $53.00 price target on shares of TransCanada Corporation in a report on Friday, May 12th. Finally, Wells Fargo & Company started coverage on TransCanada Corporation in a report on Friday, March 31st. They set an “outperform” rating for the company. Twelve analysts have rated the stock with a buy rating, TransCanada Corporation has an average rating of “Buy” and a consensus target price of $63.61.

TransCanada Corporation (NYSE:TRP) traded up 1.75% on Friday, reaching $50.08. The company’s stock had a trading volume of 867,947 shares. The company has a market cap of $43.62 billion, a P/E ratio of 102.20 and a beta of 0.66. TransCanada Corporation has a 12 month low of $42.69 and a 12 month high of $50.13. The stock’s 50 day moving average price is $47.05 and its 200 day moving average price is $46.68.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, June 30th will be given a dividend of $0.4568 per share. This represents a $1.83 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Wednesday, June 28th. This is a boost from TransCanada Corporation’s previous quarterly dividend of $0.42. TransCanada Corporation’s dividend payout ratio is 362.75%.

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Several institutional investors have recently added to or reduced their stakes in TRP. Vanguard Group Inc. boosted its position in shares of TransCanada Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 20,674,545 shares of the pipeline company’s stock valued at $954,130,000 after buying an additional 1,194,936 shares during the last quarter. TD Asset Management Inc. boosted its position in shares of TransCanada Corporation by 3.4% in the first quarter. TD Asset Management Inc. now owns 26,526,044 shares of the pipeline company’s stock valued at $1,220,638,000 after buying an additional 868,640 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of TransCanada Corporation by 108.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,300,363 shares of the pipeline company’s stock valued at $60,011,000 after buying an additional 676,967 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its position in shares of TransCanada Corporation by 14.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,253,500 shares of the pipeline company’s stock valued at $241,748,000 after buying an additional 653,500 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of TransCanada Corporation by 102.8% in the first quarter. Renaissance Technologies LLC now owns 1,221,103 shares of the pipeline company’s stock valued at $56,356,000 after buying an additional 618,900 shares during the last quarter. 56.61% of the stock is currently owned by institutional investors.

TransCanada Corporation Company Profile

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.

Analyst Recommendations for TransCanada Corporation (NYSE:TRP)

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