The stock of TransCanada Corporation (TSE:TRP) gapped up by $0.14 today and has $105.44 target or 69.00% above today’s $62.39 share price. The 9 months technical chart setup indicates low risk for the $50.44B company. The gap was reported on Oct, 18 by Barchart.com. If the $105.44 price target is reached, the company will be worth $34.80 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 845,282 shares traded hands. TransCanada Corporation (TSE:TRP) has risen 28.47% since March 11, 2016 and is uptrending. It has outperformed by 22.99% the S&P500.
TransCanada Corporation (TSE:TRP) Ratings Coverage
Out of 8 analysts covering TransCanada Corp (TSE:TRP), 7 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 88% are positive. $72 is the highest target while $47 is the lowest. The $63.27 average target is 1.41% above today’s ($62.39) stock price. TransCanada Corp has been the topic of 22 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of TransCanada Corporation (TSE:TRP) earned “Overweight” rating by JP Morgan on Tuesday, December 15. The rating was maintained by Bank of America with “Buy” on Thursday, September 1. The rating was maintained by TransCanada Corporation with “Outperform” on Friday, October 14. National Bank Canada maintained TransCanada Corporation (TSE:TRP) on Thursday, November 19 with “Sector Perform” rating. IBC upgraded the stock to “Sector Outperformer” rating in Monday, December 7 report. The firm has “Outperform” rating by BMO Capital Markets given on Friday, October 23. The stock of TransCanada Corporation (TSE:TRP) has “Buy” rating given on Tuesday, October 11 by TD Securities. On Friday, June 10 the stock rating was maintained by RBC Capital Markets with “Outperform”.
More notable recent TransCanada Corporation (TSE:TRP) news were published by: Fool.ca which released: “TransCanada Corporation vs Fortis Inc.: Which Is a Better Dividend Stock?” on October 17, 2016, also Fool.com with their article: “TransCanada Corporation Chooses Growth Over Discipline in Q2 Earnings” published on August 03, 2016, Fool.com published: “Why is TransCanada Corporation Building Another Pipeline in Mexico?” on August 15, 2016. More interesting news about TransCanada Corporation (TSE:TRP) were released by: Seekingalpha.com and their article: “More U.S. Assets For TransCanada” published on October 12, 2016 as well as Fool.ca‘s news article titled: “RRSP Investors: Should You Buy TransCanada Corporation or Bank of Montreal?” with publication date: September 29, 2016.
TransCanada Corporation is an energy infrastructure company. The company has a market cap of $50.44 billion. The Firm operates through three divisions: Natural Gas Pipelines, Liquids Pipelines and Energy. It currently has negative earnings. The Natural Gas Pipelines segment consists of the Company’s investments in approximately 67,300 kilometers (km) (approximately 41,900 miles) of regulated natural gas pipelines and over 250 billion cubic feet (Bcf) of regulated natural gas storage facilities.
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