Topics Dividend Stocks

Enbridge Inc. $53.01 - Toronto symbol ENB

ENBRIDGE INC. $53.01 (Toronto symbol ENB; Shares outstanding: 929.1 million; Market cap: $49.5 billion; TSINetwork Rating: Above Average; Dividend yield: 4.0%; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to Eastern Canada and the U.S. It also distributes gas to 2.1 million consumers in Ontario, Quebec, New Brunswick and New York State.

The company’s revenue fell 8.0% in the quarter ended June 30, 2016, to $7.9 billion from $8.6 billion a year earlier. It earned $456 million, down 9.7% from $505 million. Due to more shares outstanding, per-share earnings fell 16.7%, to $0.50 from $0.60. The declines resulted from pipeline shutdowns caused by the wildfires in Fort McMurray, Alberta.

Enbridge remains committed to building the $7.9 billion Northern Gateway pipeline, which would pump crude oil from Alberta’s oil sands, across the interior of B.C., to the coastal town of Kitimat, B.C. However, the project faces major opposition from environmental and First Nations groups.

While the company hopes the pipeline will eventually move ahead, it has also decided to delay some of its other development plans. That’s because weak oil prices have prompted its customers to cut production and put off new drilling.

Enbridge remains a hold.

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One of the ways a company can try to unlock its own hidden value is by creating a separate company out of a corporate subsidiary. The parent company can either sell stock in the new company to the public, or spin it off—hand the stock out to its own investors.

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