Strong support for new pipeline

Article Excerpt

ENBRIDGE INC. $32 (Toronto symbol ENB; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 776.4 million; Market cap: $24.8 billion; Price-to-sales ratio: 1.4; Dividend yield: 3.1%; TSINetwork Rating: Above Average; www.enbridge.com) continues to win support from shippers for its proposed Northern Gateway pipeline, which would pump crude oil from Edmonton to a storage terminal in Kitimat, B.C. From there, the oil would be loaded onto tankers and shipped to Asia. Oil-sands operators have already pledged $100 million to the pipeline, which could cost $5.5 billion to build. Northern Gateway still faces strong opposition from environmentalists and Aboriginal groups, but if regulators approve, it could begin operating in 2017. Enbridge is a buy. buy…