Logan Capital Management Inc. cut its stake in shares of TransCanada Corporation (NYSE:TRP) (TSE:TRP) by 13.5% during the first quarter, Holdings Channel reports. The firm owned 11,439 shares of the pipeline company’s stock after selling 1,790 shares during the period. Logan Capital Management Inc.’s holdings in TransCanada Corporation were worth $527,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in TRP. Norges Bank bought a new position in TransCanada Corporation during the fourth quarter valued at about $383,634,000. Energy Income Partners LLC bought a new position in TransCanada Corporation during the fourth quarter valued at about $232,534,000. I.G. Investment Management LTD. raised its position in TransCanada Corporation by 7.1% in the fourth quarter. I.G. Investment Management LTD. now owns 19,546,847 shares of the pipeline company’s stock valued at $880,744,000 after buying an additional 1,289,774 shares in the last quarter. Vanguard Group Inc. raised its position in TransCanada Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 20,674,545 shares of the pipeline company’s stock valued at $954,130,000 after buying an additional 1,194,936 shares in the last quarter. Finally, Luminus Management LLC bought a new position in TransCanada Corporation during the fourth quarter valued at about $46,816,000. Institutional investors and hedge funds own 56.54% of the company’s stock.
Shares of TransCanada Corporation (TRP) traded up 1.31% on Friday, hitting $48.01. The company had a trading volume of 1,365,774 shares. The company has a market capitalization of $41.82 billion, a price-to-earnings ratio of 101.50 and a beta of 0.67. TransCanada Corporation has a 52 week low of $42.66 and a 52 week high of $49.76. The stock’s 50-day moving average is $46.78 and its 200 day moving average is $46.48.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Friday, June 30th will be issued a dividend of $0.4568 per share. This represents a $1.83 annualized dividend and a yield of 3.81%. This is a positive change from TransCanada Corporation’s previous quarterly dividend of $0.42. The ex-dividend date is Wednesday, June 28th. TransCanada Corporation’s dividend payout ratio (DPR) is 368.63%.
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TRP has been the subject of several recent analyst reports. Zacks Investment Research lowered TransCanada Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, April 19th. TheStreet upgraded TransCanada Corporation from a “c” rating to a “b-” rating in a report on Friday, May 5th. Wolfe Research reiterated an “outperform” rating and issued a $53.00 price objective on shares of TransCanada Corporation in a report on Friday, May 12th. Finally, Wells Fargo & Company initiated coverage on TransCanada Corporation in a report on Friday, March 31st. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. TransCanada Corporation currently has a consensus rating of “Buy” and a consensus price target of $63.49.
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.
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