TransAlta’s Project Pioneer adds a partner

Article Excerpt

TRANSALTA CORP. $21 (Toronto symbol TA; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 218.6 million; Market cap: $4.6 billion; Price-to-sales: ratio: 1.7; Dividend yield: 5.5%; SI Rating: Average) is working on Project Pioneer, which will capture and store carbon emissions from its coal-fired power plants in Alberta. The company plans to sell the reclaimed carbon to oil producers, who would use it to extract more oil. Enbridge Inc. (Toronto symbol ENB) recently agreed to participate in Project Pioneer. Enbridge’s pipeline and carbon-sequestration expertise should help ensure the project’s success. TransAlta is a buy. buy…