Enbridge adds renewable projects

Article Excerpt

ENBRIDGE INC. $49 is a buy. The oil and gas pipeline operator (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 2.0 billion; Market cap: $98.0 billion; Price-to-sales ratio: 1.9; Dividend yield: 6.9%; TSINetwork Rating: Above Average; www.enbridge.com) continues to expand its renewable energy operations as part of a plan to cut its greenhouse gas emissions 35% by 2030. Under that plan, Enbridge has agreed to buy U.S.-based Tri Global Energy. That privately held firm operates wind and solar power projects in Texas, Nebraska, Illinois, Indiana, Virginia, Pennsylvania and Wyoming. Enbridge will pay $270 million U.S. by the end of 2022. It may have to a pay an additional $50 million U.S. depending on Tri Global’s future results. Enbridge is a buy. buy. …