Updates on BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND, TRANSCANADA CORP. and PENGROWTH ENERGY TRUST

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BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND $26.35 (Toronto symbol BA.UN: Units outstanding: 127.2 million; Market cap: $3.4 billion; SI Rating: Above average) reports that its revenue fell 1.2% in the three months ended March 31, 2009, to $828 million from $837.5 million. Lower local and long distance revenue declines offset strong demand for high-speed Internet and data services. However, earnings rose 10.1%, to $82.5 million or $0.51 a unit from $74.2 million or $0.46 a unit a year earlier. The gains came from higher-profit-margin Internet growth and cost cutting. Bell Aliant pays a $0.2417 monthly distribution. That gives the units an 11% yield. Bell Aliant is a safety-conscious buy. TRANSCANADA CORP. $31.32 (Toronto symbol TRP; Shares outstanding: 671.5 million; Market cap: $21 billion; SI Rating: Above Average) will buy the 20.01% of the Keystone pipeline that it doesn’t already own from its partner, ConocoPhillips (New York symbol COP), for $550 million U.S. Keystone will pump crude oil from Alberta to refineries in Illinois. The first phase…