Topic: How To Invest

The Successful Investor Hotline – Friday, September 30, 2022

Article Excerpt

ENBRIDGE INC., $51.22, Toronto symbol ENB, is a buy. The company operates pipelines that pump oil and natural gas from Western Canada to eastern Canada and the U.S. It also distributes gas to 3.9 million consumers in Ontario. Enbridge has agreed to sell a 11.57% stake in seven pipelines to a consortium of 23 First Nations and Métis groups. These lines pump crude oil from the Athabasca region in northern Alberta to Enbridge’s Mainline system. The company will receive $1.12 billion for that stake when it completes the transaction in the next few weeks. To put that in context, it earned $1.35 billion, or $0.67 a share, in the three months ended June 30, 2022. The cash will help Enbridge fund its new deal 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. The purchase should help the company meet its goal of cutting its net greenhouse gas…