ET is a US limited partnership and has ridiculous tax disadvantages to Canadians so we are going to leave it out of the discussion here. The recent preferred share announcement for TRP was for a new series of preferreds, not common shares, so we would not see that as a factor in trading (the amount of shares was also very small). Trading volume spiked in Canada a bit as well. But TRP has seen higher trading volume in the past few months than it had on Wednesday. We would not consider trading particularly unusual or noteworthy really. In Canada, there were several blocks of 1M+ shares traded. We think the stock is decent, and certainly valuable to offset volatility elsewhere in a portfolio. TRP is much cheaper than KMI and has a higher dividend yield. It has lagged a bit, but we would prefer TRP today.
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