Scotiabank Lowers TransCanada (TSE:TRP) Price Target to C$70.00

TransCanada (TSE:TRP) (NYSE:TRP) had its target price decreased by Scotiabank from C$72.00 to C$70.00 in a research report issued on Friday, March 16th. The firm presently has an “outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 32.13% from the company’s current price.

Other analysts have also recently issued research reports about the company. BMO Capital Markets decreased their target price on TransCanada from C$73.00 to C$69.00 in a report on Tuesday, February 6th. TD Securities decreased their target price on TransCanada from C$81.00 to C$77.00 and set an “action list buy” rating on the stock in a report on Friday, February 16th. CIBC increased their target price on TransCanada from C$76.00 to C$77.00 in a report on Friday, February 16th. Citigroup upped their price target on TransCanada from C$68.00 to C$71.00 in a research note on Friday, December 8th. Finally, JPMorgan Chase upped their price target on TransCanada from C$74.00 to C$76.00 in a research note on Tuesday, December 5th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of C$70.89.

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TRP opened at C$52.98 on Friday. TransCanada has a 1 year low of C$50.28 and a 1 year high of C$65.18.

TransCanada (TSE:TRP) (NYSE:TRP) last announced its quarterly earnings results on Thursday, February 15th. The company reported C$0.82 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.71 by C$0.11. TransCanada had a return on equity of 1.10% and a net margin of 4.06%. The firm had revenue of C$3.62 billion for the quarter, compared to analysts’ expectations of C$2.50 billion.

In other news, insider Anthony M. Palmer acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of C$56.74 per share, for a total transaction of C$113,480.00. Also, insider Anthony M. Palmer sold 2,600 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of C$57.61, for a total value of C$149,786.00. Over the last 90 days, insiders acquired 21,396 shares of company stock valued at $1,112,270 and sold 5,101 shares valued at $291,724.

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About TransCanada

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.

Analyst Recommendations for TransCanada (TSE:TRP)

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