Renewables cut Enbridge’s emissions

Article Excerpt

ENBRIDGE INC. $51 is a buy. The company (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 2.0 billion; Market cap: $102.0 billion; Price-to-sales ratio: 2.5; Dividend yield: 6.5%; TSINetwork Rating: Above Average; www.enbridge.com) has agreed to buy 2 billion cubic feet of renewable natural gas (RNG) annually from U.S.-based Vanguard Renewables. Vanguard makes RNG using the gases produced by the breakdown of organic matter, such as agricultural waste, manure, municipal waste, plant material, sewage and food waste. As part of the deal, Enbridge will invest $100 million to help Vanguard upgrade its RNG equipment. Blending RNG with regular natural gas in its distribution networks will help Enbridge meet its goal of cutting the intensity of greenhouse gas emissions 35% by 2035. It aims to reach net-zero emissions by 2050. Enbridge is a buy. buy. …