Cushing Asset Management LP reduced its holdings in TransCanada Co. (NYSE:TRP) (TSE:TRP) by 28.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,600 shares of the pipeline company’s stock after selling 13,100 shares during the quarter. Cushing Asset Management LP’s holdings in TransCanada were worth $1,586,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Aevitas Wealth Management Inc. acquired a new stake in TransCanada during the fourth quarter valued at approximately $117,000. Icon Wealth Partners LLC acquired a new stake in TransCanada during the fourth quarter valued at approximately $162,000. Quantbot Technologies LP bought a new position in shares of TransCanada in the third quarter valued at approximately $178,000. MHI Funds LLC bought a new position in shares of TransCanada in the fourth quarter valued at approximately $208,000. Finally, GSA Capital Partners LLP bought a new position in shares of TransCanada in the third quarter valued at approximately $214,000. 58.84% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on the stock. Bank of America started coverage on shares of TransCanada in a research note on Tuesday, January 9th. They issued a “buy” rating for the company. Zacks Investment Research downgraded shares of TransCanada from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Morgan Stanley raised TransCanada from an “equal weight” rating to an “overweight” rating and set a $54.00 target price for the company in a research note on Thursday, January 11th. They noted that the move was a valuation call. TheStreet upgraded TransCanada from a “c+” rating to a “b” rating in a report on Thursday, February 15th. Finally, Edward Jones upgraded TransCanada from a “hold” rating to a “buy” rating in a report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. TransCanada currently has an average rating of “Buy” and an average target price of $58.40.
Shares of NYSE TRP traded down $0.52 during midday trading on Friday, hitting $41.47. 1,381,208 shares of the company’s stock were exchanged, compared to its average volume of 1,785,859. The firm has a market capitalization of $37,154.61, a PE ratio of 17.42, a price-to-earnings-growth ratio of 2.09 and a beta of 0.64. TransCanada Co. has a twelve month low of $39.16 and a twelve month high of $51.85. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.44 and a current ratio of 0.47.
TransCanada (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.58 by $0.07. The company had revenue of $2.85 billion for the quarter, compared to analyst estimates of $1.96 billion. TransCanada had a return on equity of 12.33% and a net margin of 23.40%. sell-side analysts forecast that TransCanada Co. will post 2.47 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be paid a $0.5486 dividend. This is an increase from TransCanada’s previous quarterly dividend of $0.49. This represents a $2.19 annualized dividend and a dividend yield of 5.29%. The ex-dividend date is Wednesday, March 28th. TransCanada’s dividend payout ratio (DPR) is 89.92%.
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TransCanada Company Profile
TransCanada Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy segments. The company transports natural gas to local distribution companies, power generation and individual facilities, interconnecting pipelines, and other businesses.
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