TransCanada ups its dividend

Article Excerpt

TRANSCANADA CORP. $38.61 (Toronto symbol TRP; Shares outstanding: 693.0 million; Market cap: $26.8 billion; TSINetwork Rating: Above Average; Dividend yield: 4.4%; www.transcanada.com) reports that its revenue rose 3.6% in the three months ended December 31, 2010, to $2.1 billion from $2.0 billion a year earlier. Earnings per share rose 14.6%, to $0.55 from $0.48, due to lower costs and higher production at Bruce Power. The higher results prompted TransCanada to raise its quarterly dividend by 5.0%, to $0.42 a share from $0.40. The new annual rate of $1.68 yields 4.4%. TransCanada trades at 17.7 times its forecast 2011 earnings of $2.18 a share. TransCanada is a buy. buy…