21:49:58 EDT Sun 01 Oct 2023
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Enbridge Inc
Symbol ENB
Shares Issued 2,024,676,423
Close 2023-06-02 C$ 50.26
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Inv Reporter refreshes Enbridge buy

2023-06-02 20:29 ET - In the News

The Investment Reporter, in its May 25, 2023, issue, refreshes its buy of Enbridge Inc., recently $52.17. The Reporter said buy 32 times from Nov. 15, 1995, to April 14, 2023, at prices ranging from $30.30 to $65.50 (the stock split 2 for 1 on Oct. 13, 1998, on May 6, 1999, and again on May 18, 2005). Assuming an investment of $1,000 for each of the 32 buys, the $32,000 position would now be worth $80,811. Enbridge has four core businesses: liquids pipelines, natural gas pipelines, gas distribution and storage, and renewable energy. Although Enbridge is in the energy industry, its pipeline businesses give the company a utility-like quality, which makes for steadier earnings. The company has a growth backlog of $17-billion. It invests in both its convertible and lower-carbon businesses. The latter includes a contract to design and construct the Normandy offshore wind farm. Enbridge's earnings per share are expected to rise from $2.81 a share in 2022 to $2.92 in 2023. The company pays a dividend of $3.55 a share, equal to a deeply attractive yield of 6.8 per cent. The $3.55 a share is about 64 per cent of Enbridge's estimated distributable cash flow. The Reporter says buy Enbridge for growth and income.

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