Updating your Income-Growth Payers: Enbridge Inc.

Article Excerpt

ENBRIDGE INC. $60 is a buy. The company (Toronto symbol ENB; Income-Growth Payer Portfolio, Utilities sector; Shares outstanding: 2.2 billion; Market cap: $132.0 billion; Dividend yield: 6.3%; Dividend Sustainability Rating: Highest; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada eastward as well as to the U.S. Its network transports 30% of the crude oil produced in North America and 20% of the natural gas consumed in the U.S. The company also distributes gas to 7 million consumers. With the March 2025 payment, Enbridge will raise your quarterly dividend by 3.0%, to $0.9425 a share from $0.915. The annual rate of $3.77 yields a high 6.3%. The company has now increased its dividend each of the past 30 years. In 2024, Enbridge paid Dominion Energy, Inc. (New York symbol D) $19 billion, including debt, for three regulated gas utility firms—they serve roughly 3 million customers in Ohio, North Carolina, Utah, Idaho and Wyoming. The company also placed into service $5 billion in growth projects…