ENBRIDGE INC. $39.42 (Toronto symbol ENB; Shares outstanding: 782.2 million; Market cap: $30.8 billion; TSINetwork Rating: Above Average; Div. yield: 2.9%; www.enbridge.com) continues to expand in the U.S.
In November 2011, the company agreed to buy half of the Seaway pipeline for $1.15 billion U.S. Enterprise Product Partners LP owns the other half and operates the pipeline.
Right now, Seaway pumps crude oil from Houston, Texas, to storage facilities in Cushing, Oklahoma. But the partners plan to reverse the line’s flow by mid-2012.
This week, Enbridge and Enterprise announced that they plan to build a new pipeline that will run parallel to the existing line. That will double Seaway’s capacity to 850,000 barrels per day by mid-2014. Enbridge’s share of this new line’s cost is $1 billion.
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