Utility buys for growth and rising income

Article Excerpt

ENBRIDGE INC. $51.24 (Toronto symbol ENB; Shares outstanding: 831.5 million; Market cap: $42.5 billion; TSINetwork Rating: Above Average; Dividend yield: 2.8%; www.enbridge.com) operates the world’s longest crude oil and liquids pipeline system. It also distributes natural gas to consumers in Ontario, Quebec, New Brunswick and New York State. As well, Enbridge has interests in 1,800 megawatts of renewable and alternative energy. In the three months ended December 31, 2013, the company’s revenue rose 18.4%, to $8.3 billion from $7.0 billion a year earlier. Before one-time items, earnings per share rose 4.8%, to $0.44 from $0.42. In 2013, Enbridge brought 17 projects, worth a total of $5 billion, into service. It plans to start up a further $29 billion worth over the next four years. That includes a $7-billion replacement of part of its Mainline system, which pumps crude oil from Edmonton, Alberta, to Superior, Wisconsin. Enbridge has paid dividends since it started trading publicly in 1953 and has raised its…