TRANSCANADA CORP. $45.56 - Toronto symbol TRP

TRANSCANADA CORP. $45.56 (Toronto symbol TRP; Shares outstanding: 707.0 million; Market cap: $32.2 billion; TSINetwork Rating: Above Average; Dividend yield: 4.0%; www.transcanada.com) has announced two major new pipeline projects.

First, the company says it will proceed with its $12-billion Energy East oil pipeline now that it has received enough support from producers. When completed, this new system will pump crude oil from Western Canada to refineries in Quebec and New Brunswick.

In addition, TransCanada will spend $1.5 billion to expand its gas pipeline network in B.C. This will help it pump more natural gas from northeastern B.C. to a planned liquefied natural gas terminal near Prince Rupert.

TransCanada is a buy.

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