Topic: How To Invest

Dividend Advisor Hotline – Friday, June 30, 2023

Article Excerpt

ENBRIDGE INC., $49.24, Toronto symbol ENB, remains a buy. The company operates pipelines that pump oil and natural gas from Western Canada to eastern Canada and the U.S. It also distributes gas to 3.8 million consumers in Ontario. With the March 2023, payment, Enbridge raised your quarterly dividend by 3.2%. Investors received $0.8875 a share instead of $0.86. The new annual rate of $3.55 yields a high 7.2%. The company has now increased that annual payment each year for the past 28 years. A judge has ordered Enbridge to shut down parts of its Line 5 pipeline that crosses Native American land in Michigan within three years. This pipeline pumps crude oil from Western Canada to refineries in Detroit, Michigan, and Sarnia, Ontario. As well, the company is required to pay $5.15 million U.S. for trespassing. To put that in context, it earned $1.73 billion (Canadian), or $0.85 a share, in the first quarter of 2023. Enbridge plans to appeal the ruling. It also plans to…