TRANSCANADA CORP. $48.17 - Toronto symbol TRP

TRANSCANADA CORP. $48.17 (Toronto symbol TRP; Shares outstanding: 705.1 million; Market cap: $34.0 billion; TSINetwork Rating: Above Average; Dividend yield: 3.7%; www.transcanada.com) has won a contract from Progress Energy Canada to build and operate a new $5-billion, 750-kilometre pipeline that will pump natural gas from northeastern B.C.’s Montney region to Prince Rupert, B.C.

Progress is a wholly owned subsidiary of Petronas, Malaysia’s state-owned oil company. Progress plans to build a facility near Prince Rupert that will liquefy the gas and ship it by tanker to customers in Asia.

The Prince Rupert line should begin operating in 2018.

TransCanada is a buy.

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