First Citizens Bank & Trust Co. decreased its stake in shares of TransCanada Corp. (NYSE:TRP) by 14.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,955 shares of the company’s stock after selling 4,425 shares during the period. First Citizens Bank & Trust Co.’s holdings in TransCanada Corp. were worth $1,174,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC purchased a new stake in TransCanada Corp. during the first quarter valued at $117,000. Kassirer Asset Management Corp purchased a new stake in TransCanada Corp. during the second quarter valued at $203,000. Pennsylvania Trust Co raised its stake in TransCanada Corp. by 9.3% in the second quarter. Pennsylvania Trust Co now owns 5,890 shares of the company’s stock valued at $266,000 after buying an additional 500 shares in the last quarter. Eqis Capital Management Inc. raised its stake in TransCanada Corp. by 0.6% in the second quarter. Eqis Capital Management Inc. now owns 8,554 shares of the company’s stock valued at $387,000 after buying an additional 55 shares in the last quarter. Finally, Avalon Advisors LLC purchased a new stake in TransCanada Corp. during the first quarter valued at $430,000. Institutional investors own 50.18% of the company’s stock.
TransCanada Corp. (NYSE:TRP) traded up 0.9201% during mid-day trading on Wednesday, reaching $46.0801. The company had a trading volume of 462,324 shares. The firm’s market capitalization is $36.86 billion. TransCanada Corp. has a 52 week low of $28.40 and a 52 week high of $48.52. The stock’s 50-day moving average price is $46.83 and its 200 day moving average price is $43.98.
TransCanada Corp. (NYSE:TRP) last announced its earnings results on Thursday, July 28th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.58 billion. TransCanada Corp. had a positive return on equity of 10.93% and a negative net margin of 12.06%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.56 EPS. On average, equities research analysts predict that TransCanada Corp. will post $1.94 EPS for the current year.
The business 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. The ex-dividend date is Wednesday, September 28th. This is a boost from TransCanada Corp.’s previous dividend of $0.39. TransCanada Corp.’s dividend payout ratio (DPR) is -114.67%.
TRP has been the subject of a number of recent research reports. BMO Capital Markets reiterated a “buy” rating and set a $65.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. TD Securities reiterated a “buy” rating and set a $63.00 price objective (up previously from $62.00) on shares of TransCanada Corp. in a research note on Wednesday, June 15th. Scotiabank reiterated an “outperform” rating and set a $69.00 price objective (up previously from $68.00) on shares of TransCanada Corp. in a research note on Friday, September 23rd. Credit Suisse Group AG reiterated a “buy” rating and set a $70.00 price objective on shares of TransCanada Corp. in a research note on Friday, July 29th. Finally, Goldman Sachs Group Inc. initiated coverage on TransCanada Corp. in a research note on Wednesday, July 20th. They set a “buy” rating and a $70.00 price objective for the company. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $58.73.
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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