NEW YORK (TheStreet) -- TransCanada Corp. (TRP) shares are up 0.57% to $50.97 in early market trading on Thursday after the energy infrastructure company announced plans to double its dividend growth rate through 2017.
The company said that it has about $13 billion in small and medium sized projects set to begin over the next five years and in turn the company will increase its dividend growth rate to between 8% and 10% each year, more than double its current rate of 4% growth, according to the Globe and Mail.
The company said that it has $46 billion worth of projects in its pipeline currently, including the $8 billion Keystone XL Pipeline project, although a bill giving the Keystone project legal authorization lost a Senate vote in Washington, D.C. on Tuesday.
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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."