TRP ships more oil sands crude

Article Excerpt

TRANSCANADA CORP. $49.44 (Toronto symbol TRP; Shares outstanding: 708.9 million; Market cap: $36.0 billion; TSINetwork Rating: Above Average; Dividend yield: 4.2%; www.transcanada.com) still hopes its Keystone XL pipeline will be approved, even though Alberta’s new NDP government has withdrawn the province’s support for the project. Keystone XL would pump crude from Alberta’s oil sands to the U.S. Gulf Coast. Due to various delays, the company now expects Keystone XL to cost $8.0 billion U.S. Meanwhile, TransCanada has improved its efficiency and adopted new technologies, both of which are helping it pump more oil through its existing Keystone pipeline between Alberta and refineries in Illinois. The company recently freed up 10,000 to 15,000 barrels on this 590,000-barrel-a-day line. Long-term contracts account for 90% of Keystone’s current capacity, so the extra space will help meet demand for urgent shipments. TransCanada is a buy. buy…