Enbridge, TransCanada shares flat after steep dive following U.S. tax ruling [Business News Network (BNN) Energy & Resources (Canada)]
Enbridge Inc (ENB)
Last enbridge inc earnings: 2/14 07:00 am
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Source: Business News Network
Enbridge, TransCanada shares flat after steep dive following U.S. tax ruling CALGARY -- Shares in Canadian pipeline companies Enbridge Inc. and TransCanada Corp. failed to recover fully Friday from a steep sell-off on Thursday after the U.S. said it would eliminate a tax break for owners of certain interstate pipelines. Both Calgary-based companies hold such pipelines in the United States through master limited partnerships or MLPs. The decision by the U.S. Federal Energy Regulatory Commission to no longer allow MLPs to recover an income tax allowance from cost of service tariffs came in response to a 2016 court ruling that found its long-standing tax policy could result in double recovery of costs. Enbridge shares fell by 4.2 per cent to $41.06 on Thursday but recovered to close at $41.28 on Friday, up 22 cents, after it issued a statement that says it is not expecting a "material change" to its financial guidance over the next three years because of the FERC ruling. TransCanada shar
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