ENBRIDGE INC. $46.66 (Toronto symbol ENB; Shares outstanding: 806.5 million; Market cap: $37.6 billion; TSINetwork Rating: Above Average; Dividend yield: 2.7%; www.enbridge.com) gets 90% of its revenue from pipelines that pump oil and gas from western Canada to eastern Canada and the U.S.
The remaining 10% mainly comes from distributing gas to 2 million consumers in Ontario, Quebec and parts of New York State.
Enbridge is spending $27 billion on expansion projects between 2012 and 2016. This excludes the controversial $5.5-billion Northern Gateway pipeline—but it includes a $6.2-billion plan to build pipelines and rail links to move oil from the Bakken region of North Dakota and Saskatchewan, as well as $5.8 billion of new lines to pump more oil from western Canada to the Gulf Coast.
The extra cash flow from these new operations should let the company keep raising its dividend.
Enbridge has paid dividends since it became a public company in 1953, and has raised its payout each year since 1996. Its current annual rate of $1.26 a share yields 2.7%.
The stock now trades at 25.6 times Enbridge’s likely 2013 earnings of $1.82 a share. The company’s new projects should increase its earnings to $2.10 a share in 2014. The shares trade at 22.2 times that forecast. These are high multiples, but they are still acceptable in light of Enbridge’s strong growth prospects.
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