ENB buys two big gas plants

Article Excerpt

ENBRIDGE INC. $47.87 (Toronto symbol ENB; Shares outstanding: 856.7 million; Market cap: $40.8 billion; TSINetwork Rating: Above A v e r a g e ; D i v i d e n d y i e l d : 4 . 4 % ; www.enbridge.com) has agreed to buy two natural gas processing plants and related pipelines in northeastern B.C. from Murphy Oil (New York symbol MUR). These facilities purify raw gas from producers in B.C.’s Montney region. They also have long-term contracts with these clients, which helps cut risk. Enbridge will pay $538 million when it closes the deal by March 31, 2016. To put that in context, it earned $399 million, or $0.47 a share, in its latest quarter. Enbridge is still a hold. hold. …