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NEW YORK (TheStreet) -- Shares of TransCanada Corp.  (TRP) - Get TC Energy Corporation Report are up 1.27% to $48.99 after it was reported that a top priority for a Republican-led Senate will be to send President Obama a bill to authorize the Keystone XL pipeline and dare him to veto it, Bloomberg reports.

While most senators support TransCanada's proposed $5.4-billion Canada-to-U.S. oil pipeline, the Senate under a Democratic majority hasn't held a binding vote on it since 2012. The Republican-controlled House has repeatedly voted to permit the pipeline's construction, according to Bloomberg.

Advocates say the shift in the chamber's leadership next year will give them more leverage in the oil-versus-environment debate that has raged since TransCanada applied for a permit in 2008. At the same time, Obama probably would veto legislation that requires approval, and Republicans are far short of the two-thirds majority needed to overcome a veto, Bloomberg said.

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Separately, the company announced net income attributable to common shares for third quarter 2014 of $457 million or 64 cents per share compared to $481 million or 68 cents per share for the same period in 2013. Comparable earnings for third quarter 2014 were $450 million or 63 cents per share compared to $447 million or 63 cents per share for the same period last year.

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TransCanada's board of directors also declared a quarterly dividend of 48 cents per common share for the quarter ending December 31, equivalent to $1.92 per common share on an annualized basis.

Russ Girling, TransCanada's president and CEO announced "an additional $4.7 billion of new capital projects highlighting the organic growth opportunities that are tied to our unparalleled asset footprint."

TheStreet Ratings team rates TRANSCANADA CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate TRANSCANADA CORP (TRP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, growth in earnings per share, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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