ENBRIDGE INC. $52.48(Toronto symbol ENB; Shares outstanding: 924.4 million; Market cap: $48.8 billion; TSINetwork Rating: Above Average; Divd. yield: 4.0%; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. It also distributes gas to 2.1 million consumers in Ontario, Quebec, New Brunswick and New York State.
The company earned $663 million in the three months ended March 31, 2016. That’s up 41.7% from $468 million a year earlier. Due to more shares outstanding, per-share earnings rose 35.7%, to $0.76 from $0.56.
Revenue in the quarter rose 10.9%, to $8.8 billion from $7.9 billion.
Enbridge recently expanded its main pipeline, and completed several of the many new projects it has underway. These were the main reasons for the improved results.
However, the stock trades at a somewhat high 21.8 times its estimated 2016 earnings of $2.41 a share. That leaves it vulnerable if the company fails to achieve its aggressive expansion targets.
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