enbridge
ISHARES MSCI CANADA INDEX FUND $24.49 (New York symbol EWC; buy or sell through brokers; ca.ishares.com) holds the stocks in the Morgan Stanley Capital International Canada Index. The fund has a 0.48% MER and yields 1.7%.
The index’s top holdings are Royal Bank, 7.7%; TD Bank, 7.1%; Valeant Pharmaceuticals, 5.6%; Bank of Nova Scotia, 4.9%; CN Railway, 4.4%; Suncor Energy, 3.7%; Bank of Montreal, 3.5%; Enbridge, 3.1%; and Manulife Financial, 3.0%. If you want to own a Canadian index fund, you should buy the iShares S&P/TSX 60 Index ETF (see previous page). You’ll pay about a third of the management fees.
We don’t recommend the iShares MSCI Canada Index Fund.
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The index’s top holdings are Royal Bank, 7.7%; TD Bank, 7.1%; Valeant Pharmaceuticals, 5.6%; Bank of Nova Scotia, 4.9%; CN Railway, 4.4%; Suncor Energy, 3.7%; Bank of Montreal, 3.5%; Enbridge, 3.1%; and Manulife Financial, 3.0%. If you want to own a Canadian index fund, you should buy the iShares S&P/TSX 60 Index ETF (see previous page). You’ll pay about a third of the management fees.
We don’t recommend the iShares MSCI Canada Index Fund.
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ISHARES S&P/TSX 60 INDEX ETF $20.47 (Toronto symbol XIU; buy or sell through brokers; ca.ishares.com) is a good low-fee way to buy the top stocks on the TSX. The units are made up of stocks that represent the S&P/TSX 60 Index, which consists of the 60 largest, most heavily traded stocks on the exchange. Expenses are just 0.18% of assets, and the units yield 3.1%.
The index mostly consists of high-quality companies. However, it must ensure that all sectors are represented, so it holds a few we wouldn’t include.
The index’s top holdings are Royal Bank, 8.3%; TD Bank, 7.7%; Valeant Pharmaceuticals, 6.0%; Bank of Nova Scotia, 5.6%; CN Railway, 4.7%; Suncor Energy, 4.0%; Bank of Montreal, 3.7%; BCE, 3.6%; Enbridge, 3.3%; Manulife Financial, 3.2%; CIBC, 3.0%; Brookfield Asset Management, 2.8%; and TransCanada Corp., 2.4%.
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The index mostly consists of high-quality companies. However, it must ensure that all sectors are represented, so it holds a few we wouldn’t include.
The index’s top holdings are Royal Bank, 8.3%; TD Bank, 7.7%; Valeant Pharmaceuticals, 6.0%; Bank of Nova Scotia, 5.6%; CN Railway, 4.7%; Suncor Energy, 4.0%; Bank of Montreal, 3.7%; BCE, 3.6%; Enbridge, 3.3%; Manulife Financial, 3.2%; CIBC, 3.0%; Brookfield Asset Management, 2.8%; and TransCanada Corp., 2.4%.
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ENBRIDGE INC. $55.89 (Toronto symbol ENB; Shares outstanding: 860.1 million; Market cap: $46.6 billion; TSINetwork Rating: Above Average; Divd. yield: 3.3%; www.enbridge.com) has received regulatory approval to reverse the flow of crude oil on its Line 9 pipeline between Sarnia, Ontario, and Montreal.
Under the plan, oil will now flow from Sarnia to Montreal. Enbridge will also increase the line’s capacity so it can handle heavy crude from Alberta’s oil sands.
It took longer than expected for regulators to sign off, so the project’s cost jumped to $800 million from its original estimate of $100 million. To put that in context, Enbridge earned $505 million in the latest quarter.
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Under the plan, oil will now flow from Sarnia to Montreal. Enbridge will also increase the line’s capacity so it can handle heavy crude from Alberta’s oil sands.
It took longer than expected for regulators to sign off, so the project’s cost jumped to $800 million from its original estimate of $100 million. To put that in context, Enbridge earned $505 million in the latest quarter.
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These two utilities are using different strategies to boost their earnings: Enbridge is investing heavily in new pipelines, while Manitoba Telecom is cutting costs at its struggling Allstream unit. We feel both firms will ultimately succeed, and their future growth will give them more cash for dividends. Right now, however, we think their high multiples to earnings make them vulnerable to a setback if their profit growth stalls. ENBRIDGE INC. $56 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 860.1 million; Market cap: $48.2 billion; Price-to-sales ratio: 1.4; Dividend yield: 3.3%; TSINetwork Rating: Above Average; www.enbridge.com) gets 85% of its revenue from pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. The remaining 15% mainly comes from distributing gas to 2.1 million consumers in Ontario, Quebec, New Brunswick and New York State....
ENBRIDGE INC. $55.89 (Toronto symbol ENB; Shares outstanding: 860.1 million; Market cap: $46.6 billion; TSINetwork Rating: Above Average; Divd. yield: 3.3%; www.enbridge.com) has received regulatory approval to reverse the flow of crude oil on its Line 9 pipeline between Sarnia, Ontario, and Montreal. Under the plan, oil will now flow from Sarnia to Montreal. Enbridge will also increase the line’s capacity so it can handle heavy crude from Alberta’s oil sands. It took longer than expected for regulators to sign off, so the project’s cost jumped to $800 million from its original estimate of $100 million. To put that in context, Enbridge earned $505 million in the latest quarter....
Exchange traded funds (ETFs) are set up to mirror the performance of a stock market index or subindex. They hold a more or less fixed selection of securities that represent the holdings that go into the calculation of the index or sub-index. ETFs trade on stock exchanges, just like stocks. That’s different from mutual funds, which you can only buy at the end of the day at a price that reflects the fund’s value at the close of trading. Prices of ETFs are quoted in newspaper stock tables and online. You pay brokerage commissions to buy and sell them, but their low management fees give them a cost advantage over most mutual funds....
ENBRIDGE INC. $56 (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 860.1 million; Market cap: $48.2 billion; Price-to-sales ratio: 1.4; Dividend yield: 3.3%; TSINetwork Rating: Above Average; www.enbridge.com) gets 85% of its revenue from pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. The remaining 15% mainly comes from distributing gas to 2.1 million consumers in Ontario, Quebec, New Brunswick and New York State.The company recently completed the major reorganization it announced in December 2014.
< p>Under the plan, Enbridge transferred some of its assets to 19.9%-owned affiliate Enbridge Income Fund Holdings Inc. (Toronto symbol ENF). This company owns 42% of Enbridge Income Fund (Enbridge Inc. owns the remaining 58%), which holds oil and gas pipelines and solar and wind farms. The transfer included pipelines that pump oil sands crude to the U.S., along with wind farms in Alberta and Quebec. < p>Transactions like this, called drop-downs, free up cash the parent company can use for new projects. The affiliate also benefits, because the new assets’ cash flow helps it maintain or raise its distributions to investors. The reorganization freed up more cash for dividends: Enbridge raised its quarterly payout by 32.9% with the March 2015 payment, to $0.465 a share from $0.35; the new annual rate of $1.86 yields 3.3%. The company now aims to pay out 75% to 85% of its adjusted annual earnings as dividends, up from its old target of 60% to 70%....
< p>Under the plan, Enbridge transferred some of its assets to 19.9%-owned affiliate Enbridge Income Fund Holdings Inc. (Toronto symbol ENF). This company owns 42% of Enbridge Income Fund (Enbridge Inc. owns the remaining 58%), which holds oil and gas pipelines and solar and wind farms. The transfer included pipelines that pump oil sands crude to the U.S., along with wind farms in Alberta and Quebec. < p>Transactions like this, called drop-downs, free up cash the parent company can use for new projects. The affiliate also benefits, because the new assets’ cash flow helps it maintain or raise its distributions to investors. The reorganization freed up more cash for dividends: Enbridge raised its quarterly payout by 32.9% with the March 2015 payment, to $0.465 a share from $0.35; the new annual rate of $1.86 yields 3.3%. The company now aims to pay out 75% to 85% of its adjusted annual earnings as dividends, up from its old target of 60% to 70%....
ENBRIDGE INC., $51.21, Toronto symbol ENB, has received regulatory approval to reverse the flow of crude oil on its Line 9 pipeline between Sarnia, Ontario, and Montreal. Under the plan, oil will now flow from Sarnia to Montreal. Enbridge will also increase the line’s capacity so it can handle heavy crude from Alberta’s oil sands. It took longer than expected for regulators to sign off, so the project’s cost jumped to $800 million from the company’s original estimate of $100 million. To put that in context, Enbridge earned $505 million, or $0.60 a share, in the three months ended June 30, 2015. The company still needs to finish some technical preparations, so it didn’t say when crude would start flowing through the line....
BMO S&P/TSX Laddered Preferred Share Index ETF holds floating-rate preferred shares that fluctuate with changes in interest rates. Our view.
ENBRIDGE INC. $52.76 (Toronto symbol ENB; Shares outstanding: 856.7 million; Market cap: $45.4 billion; TSINetwork Rating: Above Average; Div. yield: 3.5%; www.enbridge. com) continues to move ahead with the major reorganization it announced in December 2014.
The company plans to transfer some of its pipelines and wind farms to 19.9%-owned affiliate Enbridge Income Fund Holdings Inc. (Toronto symbol ENF). This company owns 42% of Enbridge Income Fund (Enbridge Inc. owns the remaining 58%), which holds a variety of businesses, including oil and gas pipelines and solar and wind farms.
Asset transfers like this, called drop-downs, free up cash the parent company can use for new projects. The affiliate also benefits because the new assets’ cash flow helps it maintain or raise its distributions to investors.
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The company plans to transfer some of its pipelines and wind farms to 19.9%-owned affiliate Enbridge Income Fund Holdings Inc. (Toronto symbol ENF). This company owns 42% of Enbridge Income Fund (Enbridge Inc. owns the remaining 58%), which holds a variety of businesses, including oil and gas pipelines and solar and wind farms.
Asset transfers like this, called drop-downs, free up cash the parent company can use for new projects. The affiliate also benefits because the new assets’ cash flow helps it maintain or raise its distributions to investors.
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