TransCanada (TRP) Lifted to Buy at Zacks Investment Research

TransCanada (NYSE:TRP) (TSE:TRP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, January 20th. The brokerage currently has a $53.00 price target on the pipeline company’s stock. Zacks Investment Research‘s target price points to a potential upside of 23.98% from the company’s current price.

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 have also recently weighed in on TRP. Morgan Stanley upgraded shares of TransCanada from an “equal weight” rating to an “overweight” rating and set a $54.00 price target on the stock in a report on Thursday, January 11th. They noted that the move was a valuation call. Bank of America started coverage on shares of TransCanada in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. TD Securities upgraded shares of TransCanada to a “buy” rating in a report on Wednesday, November 29th. TheStreet cut shares of TransCanada from a “b” rating to a “c+” rating in a report on Thursday, November 9th. Finally, JPMorgan Chase & Co. started coverage on shares of TransCanada in a report on Thursday, October 5th. They set an “overweight” rating on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $57.25.

TransCanada (NYSE:TRP) opened at $42.75 on Friday. The company has a market cap of $37,720.00, a P/E ratio of 26.55, a price-to-earnings-growth ratio of 2.03 and a beta of 0.60. TransCanada has a one year low of $41.24 and a one year high of $51.85. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.48 and a current ratio of 0.51.

TransCanada (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.63 by $0.12. TransCanada had a net margin of 14.40% and a return on equity of 11.99%. sell-side analysts predict that TransCanada will post 2.33 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of TRP. First Trust Advisors LP purchased a new position in TransCanada in the 2nd quarter worth about $326,000. Wells Fargo & Company MN increased its position in shares of TransCanada by 540.7% during the 2nd quarter. Wells Fargo & Company MN now owns 543,312 shares of the pipeline company’s stock valued at $25,900,000 after purchasing an additional 458,516 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of TransCanada by 115.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 434,076 shares of the pipeline company’s stock valued at $20,693,000 after purchasing an additional 232,254 shares during the last quarter. Stevens Capital Management LP purchased a new stake in shares of TransCanada during the 2nd quarter valued at about $503,000. Finally, Pinebridge Investments L.P. purchased a new stake in shares of TransCanada during the 2nd quarter valued at about $458,000. 57.19% of the stock is owned by institutional investors and hedge funds.

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About TransCanada

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.

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