ENBRIDGE INC. $47.98, is a hold. The company (Toronto symbol ENB; Shares outstanding: 2.0 billion; Market cap: $97.1 billion; TSINetwork Rating: Above Average; Dividend yield: 6.2%; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to eastern Canada and the U.S.
Enbridge has earmarked $19.0 billion for new projects and upgrades in 2019 and 2020. However, two of the biggest ones—replacing oil pipelines 3 and 5 continue to face strong legal and environmental opposition in the U.S.
Despite those setbacks, the extra cash flow from the company’s new projects will continue to support dividend increases for Enbridge investors.
With the March 2019 payment, the company raised its quarterly dividend by 10.0%. The new annual rate of $2.952 yields a very high 6.2%. Enbridge plans to raise its dividend by another 10% in 2020.
The company will probably earn $2.66 a share in 2019, and the stock trades at 18.0 times that estimate. However, regulatory issues on both sides of the border add risk for investors…
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