The Successful Investor, in its October, 2014, issue, refreshes its buy of Enbridge Inc., recently $56. The Investor said buy six times from July, 2011, to July, 2014, at prices ranging from $31 to $51. Assuming an investment of $1,000 for each of the six buys, the $6,000 position would now be worth $8,120. The energy company now plans to spend $42-billion on new pipelines and projects over the next few years. The plan excludes the Northern Gateway pipeline, which is facing strong opposition from environmentalists and first nations. Meanwhile, Enbridge expects to finish $9.9-billion of projects in 2014. The company is also spending $700-million to reverse the flow on its Line 9 pipeline in Eastern Canada. Enbridge's long-term debt of $27.6-billion is a high 58 per cent of its market cap, but steady cash flows from its regulated operations should help the company pay down its debt. Enbridge currently pays an annual dividend of $1.40 a share, which is a 2.5-per-cent yield. The company's likely 2014 earnings are estimated at $1.92 a share, giving a P/E ratio of 29.2. Enbridge's new projects should boost its earnings to $2.24 a share in 2015 for a more reasonable P/E ratio of 25. The stock remains a buy.