Zacks Investment Research downgraded shares of TransCanada Corporation (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a report issued 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 brokerages have also weighed in on TRP. BMO Capital Markets upped their target price on TransCanada Corporation from $72.00 to $73.00 and gave the stock an outperform rating in a research report on Monday, July 31st. BidaskClub lowered TransCanada Corporation from a buy rating to a hold rating in a research report on Monday, July 31st. Morgan Stanley began coverage on TransCanada Corporation in a research report on Friday, September 22nd. They issued an equal weight rating and a $53.00 target price on the stock. Finally, J P Morgan Chase & Co began coverage on TransCanada Corporation in a research report on Thursday, October 5th. They issued an overweight rating on the stock. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. TransCanada Corporation currently has an average rating of Buy and a consensus price target of $65.13.

TransCanada Corporation (TRP) traded down 1.72% during mid-day trading on Friday, reaching $49.03. The company’s stock had a trading volume of 1,351,462 shares. TransCanada Corporation has a 1-year low of $42.69 and a 1-year high of $51.85. The firm has a market capitalization of $42.71 billion, a price-to-earnings ratio of 49.03 and a beta of 0.67. The firm has a 50-day moving average of $50.20 and a 200 day moving average of $48.73.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a dividend of $0.4995 per share. This is a positive change from TransCanada Corporation’s previous quarterly dividend of $0.46. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.08%. TransCanada Corporation’s dividend payout ratio is currently 232.56%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. APG Asset Management N.V. increased its holdings in shares of TransCanada Corporation by 5.6% during the 3rd quarter. APG Asset Management N.V. now owns 1,122,383 shares of the pipeline company’s stock valued at $55,346,000 after acquiring an additional 59,390 shares during the last quarter. Montrusco Bolton Investments Inc. increased its holdings in shares of TransCanada Corporation by 3.4% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 1,631,062 shares of the pipeline company’s stock valued at $80,428,000 after acquiring an additional 53,472 shares during the last quarter. Shell Asset Management Co. increased its holdings in shares of TransCanada Corporation by 83.8% during the 3rd quarter. Shell Asset Management Co. now owns 469,974 shares of the pipeline company’s stock valued at $27,108,000 after acquiring an additional 214,336 shares during the last quarter. Sit Investment Associates Inc. acquired a new position in shares of TransCanada Corporation during the 3rd quarter valued at about $15,976,000. Finally, Frontier Investment Mgmt Co. increased its holdings in shares of TransCanada Corporation by 2.1% during the 2nd quarter. Frontier Investment Mgmt Co. now owns 307,879 shares of the pipeline company’s stock valued at $14,677,000 after acquiring an additional 6,405 shares during the last quarter. 56.77% of the stock is currently owned by institutional investors and hedge funds.

About TransCanada Corporation

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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