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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  TransCanada Corporation    TRP   CA89353D1078

TRANSCANADA CORPORATION (TRP)
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TransCanada : U.S. judge halts construction of Keystone XL oil pipeline

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11/09/2018 | 07:44am EST
FILE PHOTO: A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline is seen in Gascoyne

(Reuters) - A federal judge in Montana halted construction of the Keystone XL oil pipeline on Thursday on the grounds that the U.S. government did not complete a full analysis of the environmental impact of the TransCanada Corp (TRP.TO) project.

The ruling deals a major setback for TransCanada Corp and could possibly delay the construction of the $8 billion, 1,180 mile (1,900 km) pipeline.

The ruling is a victory for environmentalists, tribal groups and ranchers who have spent more than a decade fighting against construction of the pipeline that will carry heavy crude to Steele City, Nebraska, from Canada’s oilsands in Alberta.

U.S. District Court Judge Brian Morris' ruling late on Thursday came in a lawsuit that several environmental groups filed against the U.S. government in 2017, soon after President Donald Trump announced a presidential permit for the project.

Morris wrote in his ruling that a U.S. State Department environmental analysis "fell short of a 'hard look'" at the cumulative effects of greenhouse gas emissions and the impact on Native American land resources.

He also ruled the analysis failed to fully review the effects of the current oil price on the pipeline's viability and did not fully model potential oil spills and offer mitigations measures.

In Thursday's ruling, Morris ordered the government to issue a more thorough environmental analysis before the project can move forward.

"The Trump administration tried to force this dirty pipeline project on the American people, but they can't ignore the threats it would pose to our clean water, our climate, and our communities," said the Sierra Club, one of the environmental groups involved in the lawsuit.

Trump supported building the pipeline, which was rejected by former President Barack Obama in 2015 on environmental concerns relating to emissions that cause climate change.

Trump, a Republican, said the project would lower consumer fuel prices, create jobs and reduce U.S. dependence on foreign oil.

(Reporting by Brendan O'Brien in Milwaukee; Editing by Christian Schmollinger)

By Brendan O'Brien

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Financials (CAD)
Sales 2018 13 521 M
EBIT 2018 5 736 M
Net income 2018 3 286 M
Debt 2018 49 628 M
Yield 2018 4,98%
P/E ratio 2018 15,44
P/E ratio 2019 14,53
EV / Sales 2018 7,42x
EV / Sales 2019 6,99x
Capitalization 50 757 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 62,5  CAD
Spread / Average Target 13%
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Managers
NameTitle
Russell K. Girling President, CEO & Non-Independent Director
Siim Alden Vanaselja Chairman
Donald R. Marchand CFO & Executive VP-Corporate Development
Steven Barry Jackson Independent Director
Kevin E. Benson Independent Director
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