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Last $43.01 USD
Change Today -1.14 / -2.58%
Volume 753.3K
TRP On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

transcanada corp (TRP) Key Developments

TransCanada Mulls To Divest Its Interest In US Natural Gas Pipelines

TransCanada Corp. (TSX:TRP) plans to divest its interest in US natural gas pipelines which include 44.5% in Iroquois; 61.7% in Portland; 100% in ANR; and 53.6% in Great Lakes, to TC PipeLines, LP (NYSE:TCP). TransCanada, through its subsidiaries, owns 28% stake in TC PipeLines, which aims to acquire, own and participate in the management of US natural gas pipelines and related assets.

Morgan Stanley Reportedly Seeks Bids for Southern Star Pipeline

Morgan Stanley Infrastructure Inc. is reported to be procuring buyer for Southern Star Central Corp. According to people familiar with the matter, Morgan Stanley Infrastructure has recently sent offering documents to a number of potential buyers which includes Tallgrass Energy Partners, LP (NYSE:TEP), TransCanada Corp. (TSX:TRP), The Williams Companies, Inc., Spectra Energy Corp. (NYSE:SE), Boardwalk Pipeline Partners, LP (NYSE:BWP), Caisse de dépôt et placement du Québec and Macquarie Group Limited (ASX:MQG). Tudor, Pickering, Holt & Co., LLC is reported to be the investment bank working with Morgan Stanley Infrastructure in the sale of Southern Star Central Corp. Representatives for Morgan Stanley, Caisse de Depot, and Boardwalk declined to comment while Tudor Pickering, TransCanada, Tallgrass, Spectra, and Williams didn’t respond to calls.

TransCanada Announces Amendments to By-Law

TransCanada's Board of Directors approved further amendments to By-law Number 1, removing the maximum notice period to submit a notice of director nominations to TransCanada, in accordance with the most recent recommended guidelines for advance notice provisions. The amendments to By-law Number 1 are effective immediately and shareholders will be asked to ratify and confirm the amendments at the next meeting of shareholders, as required by the Canada Business Corporations Act.

TransCanada Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2014; Declares Quarterly Dividends on Common and Preferred Shares for the First Quarter Ending March 31, 2015; Provides Earnings Guidance for the Full Year 2015

TransCanada Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2014. The company announced net income attributable to common shares for fourth quarter 2014 of $458 million or $0.65 per diluted share compared to $420 million or $0.59 per diluted share for the same period in 2013. Comparable earnings for fourth quarter 2014 were $511 million or $0.72 per common share compared to $410 million or $0.58 per common share for the same period last year. Comparable EBITDA was $1,521,000 against $1,291,000 for the same period of last year. Funds generated from operations were $1,178,000 against $1,083,000 for the same period of last year. Revenues were $2,616,000 against $2,332,000 for the same period of last year. Income before income taxes was $732,000 against $685,000 for the same period of last year. Net cash provided by operations was $1,190,000 against $1,009,000 for the same period of last year. Capital expenditures was $1,128,000 against $1,311,000 for the same period of last year. Capital projects under development were $330,000 against $297,000 for the same period of last year. For the year ended December 31, 2014, net income attributable to common shares was $1.7 billion or $2.46 per diluted share compared to $1.7 billion or $2.42 per diluted share in 2013. For the year ended December 31, 2014, comparable earnings were $1.7 billion or $2.42 per common share compared to $1.6 billion or $2.24 per common share in 2013. Comparable EBITDA was $5,521,000 against $4,859,000 for the same period of last year. Funds generated from operations were $4,268,000 against $4,000,000 for the same period of last year. Revenues were $10,185,000 against $8,797,000 for the same period of last year. Income before income taxes was $2,824,000 against $2,522,000 for the same period of last year. Net cash provided by operations was $4,079,000 against $3,674,000 for the same period of last year. Capital expenditures was $3,550,000 against $4,264,000 for the same period of last year. Capital projects under development were $807,000 against $488,000 for the same period of last year. The company's board of directors declared a quarterly dividend of $0.52 per common share for the quarter ending March 31, 2015, equivalent to $2.08 per common share on an annualized basis. This is an increase of 8% over the $0.48 dividend per share paid in each of the previous four quarters. The common share dividend is payable on April 30, 2015, to shareholders of record at the close of March 31, 2015. The Board also declared the following regular dividends on its preferred shares: A quarterly dividend of $0.204125 per share for the period up to but excluding March 31, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. The dividend is payable on March 31, 2015, to shareholders of record at the close of business on March 2, 2015. A quarterly dividend of $0.173527 per share for the period up to but excluding March 31, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 2. The dividend is payable on March 31, 2015, to shareholders of record at the close of business on March 2, 2015. A quarterly dividend of $0.25 per share for the period up to but excluding March 31, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 3. The dividend is payable on March 31, 2015, to shareholders of record at the close of business on March 2, 2015. A quarterly dividend of $0.275 per share for the period up to but excluding April 30, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 5. The dividend is payable on April 30, 2015, to shareholders of record at the close of business on March 31, 2015. A quarterly dividend of $0.25 per share for the period up to but excluding April 30, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 7. The dividend is payable on April 30, 2015, to shareholders of record at the close of business on March 31, 2015. A quarterly dividend of $0.265625 per share for the period up to but excluding April 30, 2015, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 9. The dividend is payable on April 30, 2015, to shareholders of record at the close of business on March 31, 2015. These dividends are designated by TransCanada to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents. The company expects to generate higher earnings in 2015 and continue to advance portfolio of capital projects that will underpin significant growth over the course of the next several years. In terms of planned capital expenditures and equity investments, the company currently expects to invest approximately $6 billion in 2015, primarily related to NGTL System expansions, the Canadian Mainline, Mexico pipelines, Energy East, regional Alberta liquids pipeline projects and the Napanee power project.

TransCanada Seeks Acquisitions

TransCanada Corp. (TSX:TRP) is looking for acquisition opportunities. Alex Pourbaix, Executive Vice President and President Development of TransCanada, said, "We've been through acquisitions cycles before as a company. And there are several assets out there in the marketplace that we covet. But obviously in certain market cycles they're not available to us. So we'll remain attentive to that.

 

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TRP

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Valuation TRP Industry Range
Price/Earnings 19.0x
Price/Sales 3.2x
Price/Book 2.0x
Price/Cash Flow 0.1x
TEV/Sales NM Not Meaningful
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