TransCanada Corporation (TRP) : Traders are bullish on TransCanada Corporation (TRP) as it has outperformed the S&P 500 by a wide margin of 0.24% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.4%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.46% in the last 1 week, and is up 1.27% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 3.28% and the 50-Day Moving Average is 6.22%. TransCanada Corporation (NYSE:TRP): stock turned positive on Friday. Though the stock opened at $47.94, the bulls momentum made the stock top out at $48.06 level for the day. The stock recorded a low of $47.57 and closed the trading day at $47.86, in the green by 0.34%. The total traded volume for the day was 1,031,722. The stock had closed at $47.7 in the previous days trading.
Institutional Investors own 48.52% of TransCanada Corporation shares. Also, Equity analysts at the Brokerage firm Goldman Sachs reinstates its rating on TransCanada Corporation (NYSE:TRP). The rating major has initiated the coverage with buy rating on the shares. The rating by the firm was issued on July 20, 2016.
TransCanada Corporation (TransCanada) is an energy infrastructure company. The Company operates through three segments: Natural Gas Pipelines, Liquids Pipelines and Energy. 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 operations in the United States. Its natural gas pipeline network transports natural gas to local distribution companies, power generation facilities and other businesses across Canada, the United States and Mexico. Its existing liquids pipeline infrastructure connects Alberta and the United States crude oil supplies to the United States refining markets in Illinois, Oklahoma and Texas, as well as connecting the United States crude oil supplies from the Cushing, Oklahoma hub to refining markets in the United States Gulf Coast. Energy includes its power operations and the non-regulated natural gas storage business in Canada.