TRANSCANADA CORPORATION $39.62 (Toronto symbol TRP; SI Rating: Above average) operates a 59,000-km network of natural gas pipelines in Canada and the United States. This business supplies 70% of its profit. The remaining 30% comes from its electrical power operations.
In the three months ended March 31, 2008, the company’s revenues fell 4.5%, to $2.1 billion from $2.2 billion a year earlier, due to the temporary shutdown of a power plant in Quebec. However, earnings excluding one-time items rose 30.4%, to $326 million from $250 million. Per-share earnings rose 22.4%, to $0.60 from $0.49 on more shares outstanding.
Most of the higher earnings came from the acquisition of pipelines and natural gas storage facilities in February, 2007. The company trades for 17.8 times the $2.23 a share it’s likely to make this year. The shares currently yield 3.6%.
TransCanada’s recent growth investments have included the $2.8 billion U.S. purchase of the Ravenswood power plant in Queens, New York, for $2.8 billion U.S. The plant has the capacity to service 21% of New York City’s peak electricity load.
Other investments include the expansion of the company’s Bruce Power nuclear operations and a 50% interest in the $3 billion U.S. Keystone pipeline. Keystone will transport crude oil from Alberta’s oil sands to the U.S., starting in 2009.
TransCanada is a safety-conscious buy.
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