Line 3 replacement clears hurdle

Article Excerpt

ENBRIDGE INC. $49 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 2.0 billion; Market cap: $98.0 billion; Price-to-sales ratio: 2.1; Dividend yield: 6.0%; TSINetwork Rating: Above Average; www.enbridge.com) has received final approval from Minnesota regulators for its plan to replace the aging Line 3 pipeline, which pumps crude from Alberta to Wisconsin. The Line 3 replacement project is set to double the current line capacity and will cost $9 billion. With the necessary construction permits, the new pipeline could begin operating in the second half of 2020. That’s almost a year later than originally planned. However the project still faces more legal challenges from Minnesota’s new governor, who is threatening legal action to stop the expansion. Enbridge is still a hold. hold…