Why Has JP Morgan Given TransCanada Corporation (TSE:TRP) a $64.00 Price Target
JP Morgan has just issued a “Overweight” rating for TransCanada Corporation (TSE:TRP) shares. The firm launched coverage on shares of TRP in an interesting research report shared with investors on Tuesday, 15 December. This target would possibly suggest upside of 37.07% from the previous close of TransCanada Corporation (TSE:TRP).
From a total of 12 analysts covering TransCanada Corp (TSE:TRP) stock, 9 rate it a ”Buy”, 0 a “Sell”, and 6 a ”Hold”. This means that 60% of the ratings are positive. The highest target price is $43.61 while the lowest target price is $33.44. The mean of all analyst targets is $39.49 with a 20.90% above today’s ($46.65) stock price. TransCanada Corp was the topic of 9 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. IBC upgraded shares on December 7 to “Sector Outperformer” rating.
Approximately 1.66 million shares of stock traded hands or 49.55% up from the average. TransCanada Corporation (TSE:TRP) has declined 13.89% since May 12, 2015 and is downtrending. It has underperformed by 10.21% the S&P500.
TransCanada Corporation is an energy infrastructure company. The company has a market cap of $33.08 billion. The Firm operates through three divisions: Natural Gas Pipelines, Liquids Pipelines and Energy. It has 19.78 P/E ratio. Natural Gas Pipelines and Liquids Pipelines consist of its respective natural gas and liquids pipelines in Canada, the United States and Mexico, as well as its regulated natural gas storage activities in the United States.
According to Zacks Investment Research, “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.”