Last $47.81 USD
Change Today +0.37 / 0.78%
Volume 886.7K
As of 1:29 PM 10/21/14 All times are local (Market data is delayed by at least 15 minutes).

transcanada corp (TRP) Key Developments

TransCanada Corporation Receives Approval for Grand Rapids Pipeline Project from Alberta Energy Regulator

TransCanada Corporation announced that the Alberta Energy Regulator has approved the majority of the company's applications to construct and operate the Grand Rapids Pipeline Project. Grand Rapids will comply with all regulatory requirements and is evaluating the conditions in the decision. TransCanada has partnered with Brion Energy Corporation, formerly Phoenix Energy Holdings Limited, through a joint venture to develop Grand Rapids, a 460-kilometre (287 mile) oil and diluent pipeline system connecting the producing area northwest of Fort McMurray, Alberta to terminals in the Edmonton/Heartland region. TransCanada and Brion will each own 50% of the $3 billion pipeline project, which will be operated by TransCanada. Brion has also entered into a long-term transportation service contract in support of Grand Rapids. The project is expected to begin construction in Fall 2014 and become operational in stages, with initial crude oil transported by mid-2016. The full system will have an ultimate capacity to move up to 900,000 barrels per day (bbl/d) of crude oil and 330,000 bbl/d of diluent. The Grand Rapids application was submitted to the AER in August 2013. A public hearing on the application concluded on July 18, 2014. Grand Rapids will reapply to the AER to build and operate the Saleski terminal when required, and will submit a new application for a revised route to cross the Athabasca River.

TransCanada Adds Three Additional Solar Facilities to Company's Power Portfolio

TransCanada Corp. announced it has acquired three additional Ontario solar power facilities from Canadian Solar Solutions Inc. (Canadian Solar). Each of the newly built facilities has a generation capacity of 10-megawatts (MW) with Liskeard 3 and 4 both located in the New Liskeard region and William Rutley located east of Ottawa. These three new facilities were completed at a cost of approximately $182 million, bringing TransCanada's investment in its Ontario solar program to almost $400 million. These three new projects have now started generating electricity under 20-year power purchase agreements with the Ontario Power Authority. The deal follows the previously announced purchase of four solar facilities as part of an agreement with Canadian Solar signed in 2011. Combined, these seven solar facilities are expected to generate enough electricity for more than 12,000 homes.

TransCanada To Sell Rest Of Its U.S. Natural Gas Pipeline Assets

TransCanada Corp. (TSX:TRP) plans to the rest of its U.S. natural gas pipeline assets to its master limited partnership, TC PipeLines, LP (NYSE:TCP) over the coming years. These assets are expected to generate nearly $500 million in earnings before interest, tax, depreciation and amortization or EBITDA in 2016 and beyond.

TransCanada Reportedly Takeover Target Of US Investor Activists

TransCanada Corp. (TSX:TRP) may soon have more of U.S. activist investors knocking on its door, reported Reuters. TransCanada is emerging as a possible target, with several U.S. activist hedge funds reviewing the nearly $38 billion pipeline operator as a break-up candidate, reported Reuters citing people close to the matter. The people said that discussions about a potential campaign are still in the early stages, but some of TransCanada's largest shareholders have been contacted by hedge funds interested in shaking up one of North America's biggest pipeline companies. The people, asking not to be named because the matter is not public, said that These actions have also led to discussions by the TransCanada board surrounding the company's strategic direction. TransCanada said that only that it is committed to acting in the best interests of shareholders, citing a company policy not to comment on rumors. Shawn Howard, Spokesman of TransCanada said, "The enhancement of shareholder value is discussed at every meeting of TransCanada's board of directors. TransCanada has a well-defined strategic plan in place to increase long-term shareholder value and we are focused on continuing to deliver on this plan successfully." That scenario triggered investor interest and several large U.S. hedge funds that pursue activist investing strategies, including Third Point LLC, have looked at the company, reported two people familiar with the matter. The people familiar with Third Point said that Daniel Loeb has amassed a position over the last few months. Third Point declined to comment.

TransCanada Corporation Declares Quarterly Common Dividend, Payable on October 31, 2014; Declares Quarterly Preferred Dividends, Payable on September 30, 2014 and October 30, 2014

TransCanada Corporation announced that the board of directors of TransCanada declared a quarterly dividend of $0.48 per common share for the quarter ending September 30, 2014, on the company's outstanding common shares. The common share dividend is payable on October 31, 2014, to shareholders of record at the close of business on September 30, 2014. The board also declared the regular dividends on TransCanada's preferred shares. A quarterly dividend of $0.2875 per share for the period up to but excluding September 30, 2014, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 1. The dividend is payable on September 30, 2014, to shareholders of record at the close of business on September 2, 2014. A quarterly dividend of $0.25 per share for the period up to but excluding September 30, 2014, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 3. The dividend is payable on September 30, 2014, to shareholders of record at the close of business on September 2, 2014. A quarterly dividend of $0.275 per share for the period up to but excluding October 30, 2014, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 5. The dividend is payable on October 30, 2014, to shareholders of record at the close of business on September 30, 2014. A quarterly dividend of $0.25 per share for the period up to but excluding October 30, 2014, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 7. The dividend is payable on October 30, 2014, to shareholders of record at the close of business on September 30, 2014. A quarterly dividend of $0.265625 per share for the period up to but excluding October 30, 2014, on TransCanada's outstanding Cumulative Redeemable First Preferred Shares, Series 9. The dividend is payable on October 30, 2014, to shareholders of record at the close of business on September 30, 2014.

 

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