Enbridge ups its spending

Article Excerpt

ENBRIDGE, $64.47, is a buy. The firm’s (Toronto symbol ENB; Shares o/s: 2.2 billion; Market cap: $140.6 billion; TSINetwork Rating: Above Average; Dividend yield: 5.9%; www.enbridge.com) Mainline system, which transports crude from Western Canada to eastern Canada and northern U.S. states, is operating at full capacity. As a result, the company now plans to spend $2.0 billion to expand its capacity. If you add $500 million in additional new projects and upgrades, Enbridge will now spend a total of $29 billion between 2025 and 2029 compared to its previous plan of $26 billion. It expects to complete $23 billion of these projects by the end of 2027. The new assets should lift Enbridge’s cash flow by 5% annually after 2026, compared to 3% annual growth between 2023 and 2026. Enbridge is a buy. buy. …