Updating TransCanada Corp., Canadian National Railway Co. and Fortis Inc.

Article Excerpt

TRANSCANADA CORP. $62 (www.transcanada.com) has applied for a permit to build its proposed Keystone XL pipeline now that U.S. President Donald Trump has conditionally approved the project; Keystone XL would pump crude from Alberta’s oil sands to refineries on the U.S. Gulf Coast. It also appears that President Trump’s insistence that new pipelines use only steel from U.S. suppliers will not apply to Keystone XL. That’s good news for TransCanada, which has already purchased much of the material for this project. Best Buy. CANADIAN NATIONAL RAILWAY CO. $97 (www.cn.ca) has agreed to repurchase up to 1.25 million of its shares from private sellers at a discount to the market price. The move is part of the company’s plan to buy back up to 33.0 million of its common shares (5% of the total outstanding) by October 29, 2017. Buy. FORTIS INC. $42 (www.fortisinc.com) will now sell 12.2 million common shares at $41.00 each to an unnamed U.S. institutional investor. The company will…