TRANSCANADA CORP. $55 - Toronto symbol TRP

TRANSCANADA CORP. $55 (Toronto symbol TRP; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 708.9 million; Market cap: $39.0 billion; Price-to-sales ratio: 4.7; Dividend yield: 3.8%; TSINetwork Rating: Above Average; www.transcanada.com) has decided not to build an oil-export terminal at Cacouna, Quebec, due to concerns that it could endanger beluga whales in the St. Lawrence River.

This terminal was one of two (the other is near Saint John, New Brunswick) that are part of TransCanada’s proposed Energy East pipeline project, which would pump crude oil from Alberta to refineries in Eastern Canada.

TransCanada is now looking for an alternative site. That will delay Energy East for at least two years, to 2020, and add to its $12-billion cost. However, cancelling the Cacouna terminal makes it more likely that regulators will approve the project.

TransCanada is a buy.

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Value Stocks

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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