Is TransCanada Corporation (USA) (TRP) A Good Stock To Buy?

We can judge whether TransCanada Corporation (USA) (NYSE:TRP) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There’s no better way to get these firms’ immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, research shows that these picks historically outperformed the market when we factor in known risk factors.

TransCanada Corporation (USA) (NYSE:TRP) has experienced a decrease in activity from the world’s largest hedge funds lately. At the end of this article we will also compare TRP to other stocks including AutoZone, Inc. (NYSE:AZO), Canadian Pacific Railway Limited (USA) (NYSE:CP), and Boston Scientific Corporation (NYSE:BSX) to get a better sense of its popularity.

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Now, let’s take a look at the new action encompassing TransCanada Corporation (USA) (NYSE:TRP).

What have hedge funds been doing with TransCanada Corporation (USA) (NYSE:TRP)?

At Q3’s end, a total of 14 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -13% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Magnetar Capital, managed by Alec Litowitz and Ross Laser, holds the biggest position in TransCanada Corporation (USA) (NYSE:TRP). Magnetar Capital has a $172.8 million position in the stock, comprising 4.5% of its 13F portfolio. Coming in second is Glenview Capital, led by Larry Robbins, holding a $104.6 million position; 0.5% of its 13F portfolio is allocated to the stock. Other members of the smart money that are bullish encompass Jim Simons’ Renaissance Technologies, Jonathan Barrett and Paul Segal’s Luminus Management and D E Shaw.