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Last $39.86 USD
Change Today -0.79 / -1.95%
Volume 219.7K
TRP On Other Exchanges
Symbol
Exchange
Frankfurt
As of 11:49 AM 07/6/15 All times are local (Market data is delayed by at least 15 minutes).

transcanada corp (TRP) Key Developments

TransCanada Corporation Announces Floating Quarterly Dividend on Series 4 Shares for the Period Ending September 30, 2015

TransCanada Corporation announced that 5,466,595 of its 14,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 3 (Series 3 Shares) were tendered for conversion into floating-rate Cumulative Redeemable First Preferred Shares, Series 4 (Series 4 Shares). As a result of the conversion TransCanada has 8,533,405 Series 3 Shares and 5,466,595 Series 4 Shares issued and outstanding. The Series 3 Shares will continue to pay on a quarterly basis, for the five-year period beginning on June 30, 2015, as and when declared by the board of directors of TransCanada, a fixed dividend based on an annual fixed dividend rate of 2.152%. The Series 4 Shares will pay a floating quarterly dividend for the five-year period beginning on June 30, 2015, as and when declared by the Board of Directors of TransCanada. The floating quarterly dividend rate for the Series 4 Shares for the first quarterly floating rate period (being the period from June 30, 2015 to but excluding September 30, 2015) is 1.945% and will be reset every quarter.

TransCanada Corporation Receives National Energy Board Approval for King's North Connection Project

TransCanada Corporation has received approval from the National Energy Board, to proceed with the King's North Connection project as part of approximately CAD 500 million in pipeline and facility expansions within the Eastern Triangle portion of the Canadian Mainline system. The project will connect a portion of new Enbridge Gas Distribution pipeline facilities with TransCanada's existing Canadian Mainline system in Vaughan, Ontario. This cooperative strategy will optimize the provision of natural gas pipeline service required in the Greater Toronto Area while continuing to provide homes, businesses, schools and hospitals in Ontario and Eastern Canada with a safe and reliable source of natural gas. The King's North Connection project is part of the company's $12 billion of small-to-medium sized projects that are expected to enter service by 2017. Beyond 2017, the company continues to advance a number of growth initiatives, including $34 billion of commercially secured projects. Expanding existing facilities allows the company to continuously explore new ways to help producers reach their market. Construction of the King's North Connection project is expected to cost approximately $220 million and is anticipated to be in-service by third quarter 2016.

TransCanada Corp. Lays Off 185 People in Major Projects Department

TransCanada Corp. has laid off 185 people in its major projects department, most of them in Calgary. The jobs that were cut included about 100 full-time employees while the rest were contract workers. The company cut the positions as part of a restructuring to control costs and remain competitive.

Government Considering Buying Stake In Alaska LNG Project

The government is contemplating acquiring TransCanada Corporation (TSX:TRP)'s 25% stake in Alaska LNG Project. Another option that the Bill Walker, Governor is considering is taking a 40% share of TransCanada's interest in the project under the current contract with the state.

TransCanada Corporation Announces King’s North Connection Project Receives NEB Approval

TransCanada Corporation announced that the National Energy Board (NEB) recently issued its decision to the company to proceed with the King's North Connection project as part of approximately $500 million in pipeline and facility expansions within the Eastern Triangle portion of the Canadian Mainline system. The project was developed in collaboration with Enbridge Gas Distribution and Union Gas Limited in an effort to ensure the most efficient design, development and construction of facilities for the area. The project will connect a portion of new Enbridge Gas Distribution pipeline facilities with TransCanada's existing Canadian Mainline system in Vaughan, Ontario. This cooperative strategy will optimize the provision of natural gas pipeline service required in the Greater Toronto Area while continuing to provide homes, businesses, schools and hospitals in Ontario and Eastern Canada with a safe and reliable source of natural gas. The King's North Connection project is part of the company's $12 billion of small-to-medium sized projects that are expected to enter service by 2017. Beyond 2017, the company continues to advance a number of growth initiatives, including $34 billion of commercially secured projects. Expanding existing facilities allows the company to continuously explore new ways to help producers reach their market. Construction of the King's North Connection project is expected to cost approximately $220 million and is anticipated to be in-service by third quarter 2016.

 

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Industry Analysis

TRP

Industry Average

Valuation TRP Industry Range
Price/Earnings 21.2x
Price/Sales 3.6x
Price/Book 2.1x
Price/Cash Flow 10.5x
TEV/Sales NM Not Meaningful
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