ENBRIDGE INC. $51 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 834.8 million; Market cap: $42.6 billion; Price-to-sales ratio: 1.2; Dividend yield: 2.7%; TSINetwork Rating: Above Average; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. The company’s pipelines also handle 53% of Canada’s crude oil exports to the U.S.
Pipelines supply 90% of Enbridge’s revenue. The remaining 10% comes from distributing gas to two million consumers in Ontario, Quebec, New Brunswick and New York State.
In the quarter ended March 31, 2014, Enbridge’s revenue jumped 33.2%, to $10.5 billion from $7.9 billion a year earlier, mainly because the company is pumping more crude from the Alberta oil sands.
Even so, earnings rose just 0.8%, to $492 million from $488 million, partly because it shut down a pipeline in southern Ontario so it can reverse its flow. Per-share earnings fell 3.2%, to $0.60 from $0.62, on more shares outstanding.
Enbridge plans to invest $36 billion in new pipelines and other projects in the next four years. These developments include the $6.5-billion Northern Gateway pipeline, which would pump crude from the oil sands to Kitimat, B.C. From there, tankers would ship it to customers in Asia.
The project faces strong opposition from environmentalists, First Nations and the B.C. provincial government. However, it seems likely that the federal cabinet will grant final approval within the next six months. If so, the pipeline could begin operating in 2018.
Some of Enbridge’s other new pipelines will start up later this year, which should let it meet its full-year earnings target of $1.84 to $2.04 a share. The stock trades at 26.3 times the midpoint of that range. The $1.40 dividend yields 2.7%.
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