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Opinions Ross Healy
EnbridgeENB.TOWAITJun 08, 2023
Ross HealyStock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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Largest pipeline operator in North America. ~7% yield very strong. Expected to continue growing dividend. Recent weakness in energy prices reason for share price weakness. Assets very valuable as hard to replicated. Pause and/or falling interest rates will be good for business. Good for income oriented investors.
Christine PooleA good, long-term pipeline. Shares pulled back recently when they bought three U.S. utilities, but they have nearly financed that by selling some assets. They have a large project backlog. Expect the 7.4% dividend to increase.
(Analysts’ price target is $53.44)
Michael Sprung
He doesn't think a 5% weighting in a stock is crazy, it's very reasonable. If you have a lot of conviction in those companies, then that's where your weighting should be. Yield is around 7%. Won't reduce the dividend unless something really terrible happens. Extremely mature company, will grow with GDP plus or minus, highly levered.
Investors own for the dividend. He wouldn't overweight his portfolio with it, but makes sense for a certain demographic.
Difficult couple of years with interest rates. Big acquisition required issuing equity and taking on debt. Acquisition needs to be integrated, but they're pros at that. Diversifies its business. Stock's bounced back since then. No problem maintaining dividend. Becoming more US-focused, Canada's regulations make things too difficult.
Paul Harris, CFA
For income, yield is almost 8%. Can't replicate pipeline takeaway capacity. Dividend safe, attractive, will likely increase in mid-single-digit range. See her Top Picks.
Christine PooleTurned the corner. Got hurt by high bond yields. Great business. Expectations reset after 2016 merger. Reset dividend expectations to mid-single digit dividend growth. Yield is competitive, good long-term hold. His large-cap, Canadian energy exposure is through TRP, better valuation and yield.
Will continue to own. Great defensive name. Coming off "over sold" position. Even if economy softens, demand for products will remain.
Keith Richards
Completed a big acquisition to continue to transition its business. Better run than TRP. See his Top Picks.
Chris BlumasFor income-seeking investors. Well run, very defensive cashflow. Diversifying business. Completed a big acquisition to continue to transition its business. Better run than TRP. Dirt cheap, 8x cashflow. Durable, defensive business model. Yield is 8%.
(Analysts’ price target is $52.91)Chris Blumas
It's had a challenging year, but offers solid fundamentals and free cash flow. Pays a high dividend above 7%. ENB will pick up pace in 2024.
Andrew Pyle
His firm constructs a Structural Valuation Analysis (SVA) chart, which implies that there's a form and structure to the way that prices get formed in the stock market. It applies to both stocks and to the market.
There's a broad downward trend to the chart. The first thing to ask is if you really want to be in a company whose balance sheet is disappearing under your feet? If it's cheap enough, sure. But otherwise, not particularly.
The key is the Fair Market Value (FMV), or intrinsic value, of the company. Every time the stock gets up there, it stops. That's characteristic of senior stocks. When he looks at a chart, he knows what a company can give him. ENB has come back to a very important point, which is 2x book, one of his structural resistance points. It hit there, and stepped back. Looks as though it's going down further. Too early to be in the stock. If it got around $42, he'd be more interested.