Is Selling TransCanada Corporation (TRP) Here a Winning Strategy? The Stock Formed Double Bottom

October 2, 2018 - By olga

TransCanada Corporation (NYSE:TRP) Logo

The chart of TransCanada Corporation (TRP) shows a double bottom with $39.20 target or 6.00 % below today’s $41.70 share price. The 7 months chart pattern indicates high risk for the $37.75B company. It was reported on Oct, 2 by Finviz.com. If the $39.20 price target is reached, the company will be worth $2.27B less. Double bottoms are rare but powerful chart patterns.

The stock increased 0.75% or $0.31 during the last trading session, reaching $41.7. About 912,637 shares traded. TransCanada Corporation (NYSE:TRP) has declined 18.42% since October 2, 2017 and is downtrending. It has underperformed by 34.04% the S&P500.

Analysts await TransCanada Corporation (NYSE:TRP) to report earnings on November, 8. They expect $0.57 earnings per share, up 1.79 % or $0.01 from last year’s $0.56 per share. TRP’s profit will be $516.06 million for 18.29 P/E if the $0.57 EPS becomes a reality. After $0.66 actual earnings per share reported by TransCanada Corporation for the previous quarter, Wall Street now forecasts -13.64 % negative EPS growth.

TransCanada Corporation (NYSE:TRP) Ratings Coverage

Among 2 analysts covering TransCanada (NYSE:TRP), 2 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. TransCanada had 2 analyst reports since April 30, 2018 according to SRatingsIntel. Deutsche Bank maintained it with “Buy” rating and $59 target in Wednesday, August 15 report.

More notable recent TransCanada Corporation (NYSE:TRP) news were published by: Fool.com which released: “1 Great Income Stock You’ve Probably Completely Overlooked” on September 27, 2018, also Seekingalpha.com with their article: “Keystone XL route would not harm environment, State Department says” published on September 21, 2018, Seekingalpha.com published: “Thinking About Investing In Canadian Midstream, Eh?” on September 26, 2018. More interesting news about TransCanada Corporation (NYSE:TRP) were released by: Nasdaq.com and their article: “TransCanada to Construct Coastal GasLink Pipeline Project” published on October 02, 2018 as well as Fool.com‘s news article titled: “Canada’s $31 Billion LNG Project Gets the Green Light” with publication date: October 01, 2018.

TransCanada Corporation operates as an energy infrastructure firm in North America. The company has market cap of $37.75 billion. It operates through Canadian Natural Gas Pipelines, U.S. It has a 16.41 P/E ratio. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Energy divisions.

TransCanada Corporation (NYSE:TRP) Ratings Chart

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