NEW YORK (TheStreet) -- Shares of TransCanada Corp. (TRP) are up 1.27% to $51 in pre-market trade as legislation to approve the controversial Keystone XL oil pipeline began racing through the U.S. Congress yesterday as Democrats and Republicans appeared to be coming together in a challenge of President Obama's oversight of the project, Reuters reports.
In a series of rapid developments that unfolded just hours after Congress returned from a seven-week recess, there were indications the measure could pass and be sent to Obama sometime next week, according to Reuters.
Republicans, victorious in the Nov. 4 congressional elections in which they campaigned heavily on the need for Keystone, have been pushing for approval of the project amid objections from some Democrats, Reuters noted.
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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, expanding profit margins, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."