Enbridge Inc.

ENBRIDGE INC. $52.89 (Toronto symbol ENB; Shares outstanding: 831.5 million; Market cap: $43.9 billion; TSINetwork Rating: Above Average; Dividend yield: 2.7%; www.enbridge.com) has won approval to export some of the Canadian crude oil it ships into the U.S. to other countries.

Under the license terms, the pipeline operator must separate U.S.-produced oil from Canadian crude. The company expects exports to other markets to account for less than 2% of the volume its U.S. oil pipelines currently handle.

However, shipping oil to refineries in Europe and elsewhere would help producers collect higher prices for their crude. That would encourage them to raise their output, increasing demand for space on Enbridge’s pipelines.

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BANK OF NOVA SCOTIA, $66.78, Toronto symbol BNS, has agreed to buy 20% of the credit card division of CANADIAN TIRE CORP., $111.29, Toronto symbol CTC.A. This business is Canada’s eighth-largest largest credit card issuer, with 1.8 million clients and $4.4 billion in outstanding loans. Its cardholders spend $1.2 billion annually. Bank of Nova Scotia will pay $500 million for this stake, and Canadian Tire has an option to sell an additional 29% to the bank over the next 10 years....

ENBRIDGE INC. $52.89 (Toronto symbol ENB; Shares outstanding: 831.5 million; Market cap: $43.9 billion; TSINetwork Rating: Above Average; Dividend yield: 2.7%; www.enbridge.com) has won approval to export some of the Canadian crude oil it ships into the U.S....

ENBRIDGE INC. $51.24 (Toronto symbol ENB; Shares outstanding: 831.5 million; Market cap: $42.5 billion; TSINetwork Rating: Above Average; Dividend yield: 2.8%; www.enbridge.com) operates the world’s longest crude oil and liquids pipeline system. It also distributes natural gas to consumers in Ontario, Quebec, New Brunswick and New York State. As well, Enbridge has interests in 1,800 megawatts of renewable and alternative energy.

In the three months ended December 31, 2013, the company’s revenue rose 18.4%, to $8.3 billion from $7.0 billion a year earlier. Before one-time items, earnings per share rose 4.8%, to $0.44 from $0.42.

In 2013, Enbridge brought 17 projects, worth a total of $5 billion, into service. It plans to start up a further $29 billion worth over the next four years. That includes a $7-billion replacement of part of its Mainline system, which pumps crude oil from Edmonton, Alberta, to Superior, Wisconsin.
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PLEASE NOTE: Due to the Good Friday holiday, our next Hotline will go out on Thursday, April 17, 2014. BANK OF NOVA SCOTIA, $64.24, Toronto symbol BNS, has formally changed the name of its ING Direct subsidiary to Tangerine (www.tangerine.ca). The bank bought ING Direct from its Netherlands-based parent, ING Group, in November 2012. This business provides no-fee banking services to 1.9 million clients, mainly over the Internet. The new name will let Bank of Nova Scotia keep using the orange colour associated with the ING Direct brand....

ENBRIDGE INC. (Toronto symbol ENB; www.enbridge.com) operates the world’s longest crude oil and liquids pipeline system. It also distributes natural gas to consumers in Ontario, Quebec, New Brunswick and New York State. As well, Enbridge has interests in 1,800 megawatts of renewable and alternative energy....

ENBRIDGE INC. $51.24 (Toronto symbol ENB; Shares outstanding: 831.5 million; Market cap: $42.5 billion; TSINetwork Rating: Above Average; Dividend yield: 2.8%; www.enbridge.com) operates the world’s longest crude oil and liquids pipeline system. It also distributes natural gas to consumers in Ontario, Quebec, New Brunswick and New York State....

BANK OF NOVA SCOTIA, $63.61, Toronto symbol BNS, continues to benefit from strong car loan and credit card demand in Canada, rising stock markets and an acquisition. The bank’s November 2012 purchase of ING Direct, which offers no-fee banking services over the Internet, continues to spur its growth. Bank of Nova Scotia will soon change this business’s name to Tangerine, which will let it keep using the orange colour associated with the ING Direct brand. As well, rising stock markets have increased the value of the assets the bank’s wealth management business administers. However, volatile currency exchange rates and higher costs have hurt profits at its international banking operations....

ENBRIDGE INC. $47 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 831.1 million; Market cap: $39.1 billion; Price-to-sales ratio: 1.2; Dividend yield: 2.7%; TSINetwork Rating: Above Average; www. enbridge.com) plans to expand its storage terminal near northern Alberta’s Christina Lake oil sands project, which will help it take advantage of t h i s p r o p e r t y ’ s r i s i n g production. The company will also build pipes and other infrastructure to connect the expansion with its existing pipelines. This project will cost $200 million. That’s equal to 72% of the $278 million, or $0.34 a share, that Enbridge earned in the third quarter of 2013. It expects to finish construction in the third quarter of 2015. Enbridge is a buy.

IGM FINANCIAL INC. $55 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 252.3 million; Market cap: $13.9 billion; Price-to-sales ratio: 5.3; Dividend yield: 3.9%; TSINetwork Rating: Above Average; www. igmfinancial.com) is Canada’s largest independent mutual fund company....