TransCanada (TRP) Earns Buy Rating from Analysts at Bank of America

Investment analysts at Bank of America began coverage on shares of TransCanada (NYSE:TRP) (TSE:TRP) in a note issued to investors on Tuesday, The Fly reports. The brokerage set a “buy” rating on the pipeline company’s stock.

TRP has been the subject of a number of other reports. Zacks Investment Research raised shares of TransCanada from a “hold” rating to a “strong-buy” rating and set a $57.00 target price for the company in a research note on Wednesday, October 11th. JPMorgan Chase & Co. started coverage on shares of TransCanada in a research note on Thursday, October 5th. They issued an “overweight” rating for the company. Morgan Stanley boosted their target price on shares of TransCanada from $53.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Friday, November 17th. TheStreet downgraded shares of TransCanada from a “b” rating to a “c+” rating in a research note on Thursday, November 9th. Finally, TD Securities raised shares of TransCanada to a “buy” rating in a research note on Wednesday, November 29th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $59.25.

TransCanada (NYSE TRP) opened at $47.47 on Tuesday. TransCanada has a 12 month low of $45.07 and a 12 month high of $51.85. The firm has a market cap of $41,690.00, a PE ratio of 29.30, a price-to-earnings-growth ratio of 1.99 and a beta of 0.66. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.51 and a quick ratio of 0.48.

Several large investors have recently modified their holdings of the company. TD Asset Management Inc. grew its position in shares of TransCanada by 0.3% during the 3rd quarter. TD Asset Management Inc. now owns 26,765,482 shares of the pipeline company’s stock worth $1,319,815,000 after buying an additional 91,181 shares during the period. Vanguard Group Inc. grew its position in shares of TransCanada by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 21,658,344 shares of the pipeline company’s stock worth $1,032,453,000 after buying an additional 983,799 shares during the period. FMR LLC grew its position in shares of TransCanada by 16.2% during the 2nd quarter. FMR LLC now owns 16,839,385 shares of the pipeline company’s stock worth $802,753,000 after buying an additional 2,350,684 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in shares of TransCanada by 1.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 15,014,698 shares of the pipeline company’s stock worth $743,495,000 after buying an additional 201,002 shares during the period. Finally, Legal & General Group Plc grew its position in shares of TransCanada by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 5,996,170 shares of the pipeline company’s stock worth $295,675,000 after buying an additional 143,049 shares during the period. Institutional investors own 56.86% of the company’s stock.

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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.

The Fly

Analyst Recommendations for TransCanada (NYSE:TRP)

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