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Find Upside in the Pipeline

TransCanada Corp. (NYSE:TRP) — This energy infrastructure company focuses mainly on natural gas, oil pipelines and energy. It is the primary developer and manager of the Keystone pipeline system, and it is the company that manages non-regulated facilities in Alberta, Canada. In January, the U.S. State Department rejected TRP’s application to build Keystone XL, which would carry heavy crude from the Alberta oil sands and Bakken Shale to Gulf of Mexico refiners.

Earnings for 2012 and 2013 are expected to be $2.35 and $2.70 and could be higher if the overall Keystone XL project is approved. It is expected that today President Barack Obama will “fast track” approval of the southern half the line from Cushing, Okla., to the Gulf, saving months of delays. If the entire line were to be approved, TRP’s earnings would improve significantly.

Technically, the stock is in a bull channel with prices hugging the 50-day moving average. This stock’s overall price objective is $50-plus, depending on the political swings in the fall. Buy under $42.

Trade of the Day Chart Key

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