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TransCanada Corporation - Price Target Update

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TransCanada Corporation (TRP-TSX) is a North American energy infrastructure company with total assets of $88.6B as of Mar-31-2017 compared to $64.4B at Dec-31-2015. The acquisition of Columbia Pipeline Group (CPGX-NYSE.) on Jul-1-2016 added $20B. Their largest business segment is now US natural gas pipelines. Up to Dec-31-2016 they operated in three main segments; the largest is natural gas pipelines contributing 65% of earnings, liquids pipelines – 20% and power generation at 15%. The natural gas pipeline segment is comprised of network of 91,500KM (56,900 miles) of natural gas pipelines supplying more than 25% of the natural gas consumed daily across North America. This pipeline network strategically connects growing supply to key markets across Canada, the U.S. and Mexico. They are also North America's largest provider of natural gas storage, with 653B bcf of regulated and unregulated storage capacity.

Going forward the business will be reorganized from the three segments to five. As a result of the acquisition of Columbia on Jul-1-2016 and the pending sale of the U.S. Northeast power business, their business will be organized into the following segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines and Energy. They operate in seven Canadian provinces, 38 U.S. states and Mexico.

Oil pipelines include the 4,300km (2,700-mile) Keystone Pipeline System that transports 545,000 bbl/d of crude oil or approximately 20% of western Canadian exports to key refinery markets in the U.S., Midwest and Gulf Coast where it is converted into fuel and other useful petroleum products. Keystone commenced operation in Jun-2010.

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