Financial Performance - Total operating revenues for Q1 2025 reached CAD 18,502 million, a 67.5% increase from CAD 11,038 million in Q1 2024[20] - Operating income increased to CAD 3,672 million in Q1 2025, up 35.5% from CAD 2,711 million in Q1 2024[20] - Earnings attributable to common shareholders rose to CAD 2,261 million, representing a 59.1% increase compared to CAD 1,419 million in the same period last year[20] - Diluted earnings per common share increased to CAD 1.03, up from CAD 0.67 in Q1 2024, reflecting a 54% growth[20] - Comprehensive income for Q1 2025 was CAD 2,565 million, down from CAD 2,961 million in Q1 2024[21] - EBITDA for the three months ended March 31, 2025, increased by $931 million compared to the same period in 2024, primarily due to non-operating factors[164] Revenue Breakdown - Total revenue from contracts with customers for the three months ended March 31, 2025, was CAD 8,809 million, an increase from CAD 6,778 million in the same period of 2024, representing a growth of 30%[34] - Transportation revenue for the three months ended March 31, 2025, was CAD 4,675 million, compared to CAD 4,458 million in 2024, reflecting an increase of 5%[34] - Gas distribution revenue increased significantly to CAD 3,670 million in Q1 2025 from CAD 1,924 million in Q1 2024, marking a growth of 91%[34] Capital Expenditures and Investments - Capital expenditures for Q1 2025 totaled CAD 1,723 million, compared to CAD 1,185 million in Q1 2024, indicating a 45.4% increase[24] - The company plans to invest up to $2.0 billion in its Mainline System through 2028 to enhance reliability and efficiency[171] - The Texas Eastern Modernization project has an estimated capital cost of US$0.4 billion, with US$162 million spent to date and expected to be completed between 2025 and 2026[166] Debt and Liquidity - As of March 31, 2025, total committed credit facilities amounted to $24,196 million, with $11,273 million available[67] - Long-term debt issuances during the three months ended March 31, 2025, totaled $2.8 billion[71] - Long-term debt repayments during the same period amounted to US$1.9 billion and $0.1 billion[72] - The company reported a net available liquidity of $13.4 billion as of March 31, 2025, down from $14.4 billion at the end of 2024[178] Asset and Equity Changes - Total assets as of March 31, 2025, were CAD 220,045 million, up from CAD 218,973 million at the end of 2024[28] - Total equity increased to CAD 71,280 million as of March 31, 2025, compared to CAD 67,303 million at the end of 2024[28] Risk Management - The company has exposure to foreign exchange risk due to revenues and expenses denominated in currencies other than Canadian dollars, which affects earnings and cash flows[80] - The company limits its maximum floating rate debt to 30% of total debt outstanding to manage interest rate risk, with an average fixed rate of 3.5% for floating-to-fixed interest rate swaps[82] - The company employs financial and physical derivative instruments to manage commodity price risk, particularly for natural gas, crude oil, and power[84] Regulatory and Legal Matters - Enbridge filed a Notice of Appeal on June 30, 2023, with a decision from the Court of Appeals anticipated in 2025[210] - The Michigan Attorney General's lawsuit against Enbridge regarding Line 5 has been remanded back to the Circuit Court, with a decision expected in 2025[212] - Enbridge filed a petition for certiorari with the US Supreme Court on January 13, 2025, seeking to reverse the 6th Circuit's remand decision[213] Segment Performance - Liquids Pipelines segment earnings before interest, income taxes, and depreciation and amortization (EBITDA) rose to CAD 2,593 million in Q1 2025, compared to CAD 2,404 million in Q1 2024, a 7.9% increase[153] - Gas Transmission segment EBITDA increased to CAD 1,473 million in Q1 2025, up from CAD 1,265 million in Q1 2024, reflecting a 16.4% growth[155] - Gas Distribution and Storage segment EBITDA surged to CAD 1,600 million in Q1 2025, a significant increase from CAD 765 million in Q1 2024, marking a 109% rise[158] - Renewable Power Generation segment EBITDA decreased to CAD 223 million in Q1 2025, down from CAD 257 million in Q1 2024, a decline of 13.2%[159]

[Enbridge Q1 2025 Earnings Release](index=1&type=section&id=Enbridge%20Q1%202025%20Earnings%20Release) [Highlights](index=1&type=section&id=Highlights) Enbridge reported record Q1 2025 results with significant growth, reaffirmed its 2025 guidance, and announced several strategic capital projects and acquisitions Q1 2025 vs Q1 2024 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Earnings | $2.3 billion | $1.4 billion | | GAAP EPS | $1.04 | $0.67 | | Adjusted Earnings* | $2.2 billion | $2.0 billion | | Adjusted EPS* | $1.03 | $0.92 | | Adjusted EBITDA* | $5.8 billion | $5.0 billion | | Distributable Cash Flow (DCF)* | $3.8 billion | $3.5 billion | - The company reaffirmed its 2025 full-year financial guidance and multi-year outlook[2](index=2&type=chunk) - Key strategic actions announced include sanctioning up to **$2.0 billion** for Mainline capital investment, acquiring a **10% interest** in the Matterhorn Express Pipeline, and sanctioning the Traverse and Birch Grove pipeline expansions[2](index=2&type=chunk) [CEO Comment](index=2&type=section&id=CEO%20COMMENT) The CEO emphasized Enbridge's strong position, highlighting record Q1 results, progress across all segments, and an increased secured project backlog of $28 billion - The Liquids Mainline delivered a record **3.2 million barrels per day** in Q1, leading to the sanctioning of up to **$2 billion** in further capital investment[3](index=3&type=chunk) - In Gas Transmission, the company sanctioned the Traverse Pipeline and acquired a **10% interest** in the Matterhorn Express Pipeline, advancing its **$23 billion** of identified growth opportunities[4](index=4&type=chunk) - The company has secured approximately **$3 billion** of capital in 2025, increasing its secured project backlog to **$28 billion**, which is expected to extend growth through the end of the decade[7](index=7&type=chunk) - The disciplined capital allocation strategy is designed to support a strong balance sheet, an annual investment capacity of **$9 to $10 billion**, and sustainable shareholder returns[8](index=8&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) Adjusted EBITDA grew 18% to $5.8 billion and DCF rose 9% to $3.8 billion, driven by US gas utility acquisitions and strong segment performance [Overall Financial Results Summary](index=3&type=section&id=Overall%20Financial%20Results%20Summary) Q1 2025 GAAP earnings rose to $2.3 billion, while Adjusted EBITDA increased to $5.8 billion, driven by acquisitions and operational strength Q1 2025 Financial Summary (vs. Q1 2024) | Metric | Q1 2025 (millions CAD) | Q1 2024 (millions CAD) | | :--- | :--- | :--- | | GAAP Earnings | 2,261 | 1,419 | | Adjusted EBITDA* | 5,828 | 4,954 | | Adjusted Earnings* | 2,242 | 1,955 | | Distributable Cash Flow* | 3,777 | 3,463 | - The increase in GAAP earnings was primarily due to non-cash, unrealized changes in the value of derivative financial instruments and the absence of severance costs that were present in 2024[12](index=12&type=chunk) - Adjusted EBITDA growth was driven by contributions from US gas utility acquisitions, higher Mainline throughput and tolls, favorable contracting on U.S. Gas Transmission assets, and colder weather benefiting Enbridge Gas Ontario[14](index=14&type=chunk) [Financial Outlook and Guidance](index=4&type=section&id=Financial%20Outlook) The company reaffirmed its 2025 guidance and long-term outlook, projecting approximately 5% annual growth in key metrics post-2026 2025 Full Year Financial Guidance | Metric | Guidance Range | | :--- | :--- | | Adjusted EBITDA | $19.4 billion - $20.0 billion | | DCF per share | $5.50 - $5.90 | Multi-Year Growth Outlook | Period | Metric | Expected Annual Growth | | :--- | :--- | :--- | | 2023-2026 | Adjusted EBITDA | 7-9% | | | Adjusted EPS | 4-6% | | | DCF per share | ~3% | | Post-2026 | Adj. EBITDA, EPS, DCF/share | ~5% | [Segment Performance Analysis](index=6&type=section&id=Segment%20Performance%20Analysis) Adjusted EBITDA growth was led by Gas Distribution and Storage, with strong contributions from Liquids Pipelines and Gas Transmission offsetting a decline in Renewables Adjusted EBITDA by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 (millions CAD) | Q1 2024 (millions CAD) | Change | | :--- | :--- | :--- | :--- | | Liquids Pipelines | 2,621 | 2,460 | +$161M | | Gas Transmission | 1,439 | 1,274 | +$165M | | Gas Distribution and Storage | 1,600 | 765 | +$835M | | Renewable Power Generation | 241 | 279 | -$38M | - Liquids Pipelines growth was driven by higher Mainline volumes and tolls, partially offset by lower volumes on the Flanagan South and Spearhead pipelines[42](index=42&type=chunk) - Gas Transmission growth was due to revised rates from settlements, favorable contracting, and contributions from new assets, partially offset by the sale of Alliance Pipeline and Aux Sable[43](index=43&type=chunk) - Gas Distribution and Storage saw a significant increase primarily from the full-quarter contributions of the newly acquired US gas utilities and colder weather benefiting Enbridge Gas Ontario[47](index=47&type=chunk) [Distributable Cash Flow (DCF)](index=11&type=section&id=Distributable%20Cash%20Flow) Q1 2025 DCF increased by 9% to $3.8 billion, reflecting higher Adjusted EBITDA partially offset by increased financing and maintenance costs Q1 DCF Comparison | Metric | Q1 2025 (millions CAD) | Q1 2024 (millions CAD) | | :--- | :--- | :--- | | Distributable Cash Flow (DCF) | 3,777 | 3,463 | - The **$314 million increase in DCF** was driven by higher adjusted EBITDA[53](index=53&type=chunk) - Growth was partially offset by higher interest expense, current taxes, and maintenance capital, mainly attributable to the recent US gas utility acquisitions[53](index=53&type=chunk) [Adjusted Earnings](index=12&type=section&id=Adjusted%20Earnings) Adjusted earnings rose to $2.24 billion and adjusted EPS to $1.03, driven by higher Adjusted EBITDA but moderated by increased costs and share issuances Q1 Adjusted Earnings Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted Earnings | $2,242 million | $1,955 million | | Adjusted EPS | $1.03 | $0.92 | - The increase in adjusted earnings was primarily due to higher adjusted EBITDA[55](index=55&type=chunk) - Growth was partially offset by higher depreciation from new assets, increased interest expense from higher debt, and higher income taxes on higher earnings[58](index=58&type=chunk) - Per share metrics were negatively impacted by at-the-market (ATM) share issuances used to pre-fund the recent acquisitions[55](index=55&type=chunk) [Business & Operations Update](index=4&type=section&id=Business%20%26%20Operations%20Update) Enbridge advanced its growth strategy by adding $3 billion to its secured backlog, now $28 billion, through key investments in its Mainline and gas systems [Secured Growth Project Execution](index=4&type=section&id=SECURED%20GROWTH%20PROJECT%20EXECUTION%20UPDATE) The company added $3 billion in new low-risk projects, increasing its secured growth backlog to $28 billion - The secured growth backlog increased by **$3 billion** to a total of **$28 billion**[22](index=22&type=chunk) - Newly added projects include Mainline Capital Investment (up to **$2 billion**), Birch Grove expansion of T-North (**$0.4 billion**), and T15 expansion (**US$0.1 billion**)[24](index=24&type=chunk) - Financing for the secured growth program is expected to be provided entirely through the company's annual investment capacity of **$9-10 billion**[22](index=22&type=chunk) [First Quarter Business Updates](index=5&type=section&id=FIRST%20QUARTER%20BUSINESS%20UPDATES) Key Q1 initiatives included a $2 billion Mainline investment, acquiring a stake in the Matterhorn pipeline, and sanctioning multiple gas transmission and distribution expansions - **Liquids Pipelines:** Announced plans to invest up to **$2 billion** in the Mainline through 2028 to enhance reliability and launched a binding open season on Flanagan South Pipeline for **100 kbpd** of incremental capacity[25](index=25&type=chunk)[27](index=27&type=chunk) - **Gas Transmission (Permian):** Signed a definitive agreement to acquire a **10% interest** in the **2.5 bcf/d** Matterhorn Express natural gas pipeline for **US$0.3 billion**[29](index=29&type=chunk) - **Gas Transmission (Gulf Coast & Montney):** Sanctioned the **1.8 bcf/d** Traverse Pipeline in Texas and the **$0.4 billion** Birch Grove expansion of its BC Pipeline to serve growing egress from the Montney basin[31](index=31&type=chunk)[33](index=33&type=chunk) - **Gas Distribution:** Sanctioned a **US$0.1 billion** expansion of the T15 project, doubling its capacity to deliver natural gas to Duke Energy's Roxboro plant in North Carolina[35](index=35&type=chunk) [Shareholder Returns](index=13&type=section&id=Shareholder%20Returns) The Board of Directors declared a quarterly common share dividend of $0.94250, reinforcing its commitment to stable shareholder returns [Dividend Declaration](index=13&type=section&id=DIVIDEND%20DECLARATION) A quarterly dividend of $0.94250 per common share was declared, payable on June 1, 2025 Common Share Dividend | Security | Dividend per share (CAD) | | :--- | :--- | | Common Shares | $0.94250 | - All declared dividends are payable on June 1, 2025, to shareholders of record on May 15, 2025[59](index=59&type=chunk) [Corporate Updates](index=4&type=section&id=Corporate%20Updates) Enbridge executed a $2.8 billion senior notes offering, maintained a Debt-to-EBITDA ratio of 4.9x, and scheduled its Q1 conference call [Financing Update](index=4&type=section&id=FINANCING%20UPDATE) The company issued $2.8 billion in senior notes and ended Q1 with a Debt-to-EBITDA ratio of 4.9x, which is expected to improve during 2025 - Issued **$2.8 billion** of senior notes in February 2025 with maturities of 3, 5, 10, and 30 years[20](index=20&type=chunk) - The **Debt-to-EBITDA metric was 4.9x** at the end of the quarter[21](index=21&type=chunk) - The company expects the Debt-to-EBITDA metric to move towards the midpoint of its **4.5-5.0x target range** during 2025[21](index=21&type=chunk) [Conference Call Information](index=12&type=section&id=CONFERENCE%20CALL) A conference call to review Q1 2025 results was scheduled for May 9, 2025, at 9:00 a.m. Eastern Time - A conference call and webcast will be held on **May 9, 2025, at 9:00 a.m. Eastern Time**[56](index=56&type=chunk) [Appendices](index=17&type=section&id=Appendices) The appendices provide definitions and detailed reconciliations for non-GAAP financial measures to their nearest U.S. GAAP equivalents [Non-GAAP Reconciliations](index=17&type=section&id=NON-GAAP%20RECONCILIATIONS%20APPENDICES) This section details the reconciliation of non-GAAP measures like EBITDA and DCF to their comparable GAAP figures to clarify underlying business performance - This section provides definitions for non-GAAP measures including EBITDA, Adjusted EBITDA, Adjusted Earnings, and DCF, which management believes give useful information to investors[69](index=69&type=chunk) - Appendix A reconciles consolidated GAAP earnings to Adjusted EBITDA and Adjusted Earnings[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Appendix B provides a breakdown of adjustments from Adjusted EBITDA to segmented EBITDA for each business unit[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Appendix C reconciles Cash Provided by Operating Activities to Distributable Cash Flow (DCF)[87](index=87&type=chunk)

Core Viewpoint - Enbridge Inc. reported strong first quarter 2025 financial results, reaffirming its financial guidance for the year, driven by solid asset utilization and strategic investments in infrastructure [2][5][18]. Financial Performance - GAAP earnings for Q1 2025 were $2.3 billion or $1.04 per share, up from $1.4 billion or $0.67 per share in Q1 2024, marking a significant increase [5][11]. - Adjusted earnings for Q1 2025 were $2.2 billion or $1.03 per share, compared to $2.0 billion or $0.92 per share in the same period last year [5][58]. - Adjusted EBITDA increased by 18% to $5.8 billion in Q1 2025 from $5.0 billion in Q1 2024 [5][14]. - Distributable cash flow (DCF) rose by 9% to $3.8 billion in Q1 2025, compared to $3.5 billion in Q1 2024 [5][53]. Business Updates - In Liquids, the Mainline achieved a record throughput of 3.2 million barrels per day, leading to a sanctioned capital investment of up to $2 billion for further enhancements [3][23]. - In Gas Transmission, Enbridge sanctioned the 1.75 bcf/d Traverse Pipeline and acquired a 10% equity interest in the Matterhorn Express Pipeline for $0.3 billion, enhancing its natural gas infrastructure [4][27]. - The company launched a binding open season for the Flanagan South Pipeline, adding 150 kbpd of capacity to support Mainline Optimization [25][26]. Strategic Outlook - Enbridge reaffirmed its 2025 financial guidance, projecting adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90 [18][21]. - The company has secured approximately $3 billion in capital for growth projects, increasing its secured backlog to $28 billion, focusing on low-risk projects [8][20]. - Enbridge's disciplined capital allocation strategy aims to support a strong balance sheet and sustainable returns to shareholders, with an annual investment capacity of $9 to $10 billion [9][19]. Renewable Energy Initiatives - The 130 MW Orange Grove solar project was completed on time and on budget, with plans for the first phase of the Sequoia project to be operational by year-end [7][22].

Core Viewpoint - Enbridge Inc (ENB) is expected to report first-quarter 2025 results on May 9, with earnings estimated at 68 cents per share and revenues projected at $9.5 billion, reflecting a 16.4% increase from the previous year [1][5]. Earnings Performance - ENB has beaten consensus earnings estimates in two of the last four quarters, met once, and missed once, with an average surprise of 2.6% [2]. - The current Earnings ESP for ENB is -1.38%, indicating a lower likelihood of an earnings beat this quarter [3]. Operational Overview - Enbridge operates the longest and most complex crude oil and liquids transportation network globally, spanning 18,085 miles, along with a gas transportation pipeline network of 71,308 miles [5]. - The company transports 20% of the total natural gas consumed in the U.S., generating stable, fee-based revenues from long-term contracts, which mitigates commodity price volatility [6]. Stock Performance and Valuation - ENB's stock has increased by 33.9% over the past year, slightly underperforming the industry's composite stocks, which improved by 35.6% [7]. - The current trailing 12-month EV/EBITDA ratio for ENB is 15.75, which is higher than the industry average of 14.08 and exceeds ratios of major competitors like Kinder Morgan Inc. (14.10) and Enterprise Products Partners LP (9.85) [9]. Growth Prospects - Enbridge has a C$29 billion backlog of secured capital projects, including liquids pipelines, gas transmission, and renewables, with a maximum in-service date of 2029, indicating potential for future cash flows and shareholder dividends [14]. Industry Context - Recent earnings reports from competitors Kinder Morgan and Enterprise Products Partners showed mixed results, with both missing earnings estimates but exceeding revenue expectations [16][18].

Core Viewpoint - Enbridge Inc. (NYSE: ENB) has delivered a 6% total return to investors over the last three months, outperforming the broader U.S. stock market [1]. Group 1: Company Performance - The recent performance of Enbridge Inc. indicates a strong return compared to the overall market, suggesting effective management and strategic positioning [1]. Group 2: Investment Strategy - The analysis emphasizes a focus on high-quality companies with reasonable valuations rather than seeking deep discounts, which may indicate underlying issues [1]. - The importance of balancing a portfolio with both growth opportunities and low-volatility dividend-paying stocks is highlighted, reflecting a comprehensive investment approach [1].

Core Insights - The S&P 500 index offers a low dividend yield of 1.3%, while companies like NextEra Energy, Chevron, and Enbridge provide significantly higher yields, with Enbridge at 5.8% [1] NextEra Energy - NextEra Energy has a current dividend yield of approximately 3.3%, more than double that of the S&P 500 index, and has increased its dividend annually for 30 years [2] - The company boasts an annualized dividend growth rate of 10% over the past decade, with management projecting this growth to continue [2][3] - NextEra operates a regulated utility in Florida and has a growing clean energy business, positioning it well for future growth in the clean power sector [3] Chevron - Chevron offers a dividend yield of 5%, having increased its dividend for 38 consecutive years, with growth rates surpassing inflation over the past decade [5] - As an integrated energy company, Chevron operates across exploration, transportation, and refining, which helps mitigate the volatility associated with commodity prices [6][7] - The company maintains a strong balance sheet, allowing it to support its business and dividend even during downturns in the energy market [7] Enbridge - Enbridge has the highest dividend yield on the list at 5.8%, with a history of increasing dividends for 30 consecutive years [8] - The company focuses on energy transportation through its North American midstream network, providing stable cash flows regardless of oil and natural gas prices [8][10] - Enbridge is also investing in cleaner energy options, including natural gas utilities and renewable energy projects like solar and wind farms [9][10] Investment Opportunities - Despite a low dividend environment in the broader market, attractive high-yield stocks like NextEra Energy, Chevron, and Enbridge present solid investment opportunities for dividend-focused investors [11]

Core Insights - The energy midstream sector is attractive for investors seeking passive income due to stable cash flows from oil and gas transportation through pipelines [1] - Enbridge, Enterprise Products Partners, and Kinder Morgan are highlighted as top options for generating passive income in this sector [2] Enbridge - Enbridge is a significant player in the midstream sector, with approximately 75% of its EBITDA linked to oil and natural gas pipelines [3] - The company has a strong history of dividend increases, with a streak of 30 years, supported by its diversified portfolio that includes regulated natural gas utilities and renewable power investments [4][5] - Enbridge offers a dividend yield of 5.8%, making it a suitable long-term investment for dividend-focused investors [6] Enterprise Products Partners - Enterprise Products Partners operates a vast pipeline network exceeding 50,000 miles and has a strong track record of capital management and shareholder rewards [7] - The company has increased its dividend for 26 consecutive years, with distributable cash flows covering dividend payouts by at least 1.5 times since 2018 [8] - Major projects worth $6 billion are expected to come online this year, enhancing the company's earnings and cash flow, with a current dividend yield of 6.8% [9] Kinder Morgan - Kinder Morgan has a dividend yield of approximately 4.5%, supported by stable cash flows from long-term fee-based contracts, with less than 45% of cash flows paid out as dividends [10] - The company has a backlog of $8.8 billion in growth capital projects, primarily focused on natural gas pipeline expansions, with significant visibility into future cash flow growth [11] - Demand for natural gas is increasing, driven by factors such as AI data centers and the electrification of transportation, positioning Kinder Morgan for continued expansion and dividend growth [12][13]

Group 1: Walmart - Walmart's stock has outperformed the market over the past year, with a 5% revenue increase and a 3% rise in store traffic in fiscal Q4, building on a previous year's 4% boost [4][5] - E-commerce sales increased by 16%, and digital advertising grew by 24%, showcasing Walmart's technological advancements and investments in AI for efficiency [4][5] - Operating profit rose by 8%, leading to a 13% increase in the annual dividend for 2025, marking the largest hike in over a decade [5][6] Group 2: Micron Technology - Micron Technology is positioned strongly in the AI hardware market, being the only provider of low-power memory chips for data centers, which is crucial for large computing systems [7][9] - The company is trading over 50% below its all-time highs, with a modest valuation of 7 times forward earnings estimates, presenting a potential buying opportunity [10] - CEO Sanjay Mehrotra stated that Micron is in its best competitive position in history, with its products firmly integrated into high-value customer roadmaps [10] Group 3: Starbucks - Starbucks reported a 2% increase in consolidated revenue but missed earnings estimates, with non-GAAP EPS down 40% and operating margins at 8.2% [11][12] - The company faces challenges in consumer spending and performance in China, but management remains optimistic about long-term strategies focused on employee investment and customer experience [12][15] - Despite current struggles, Starbucks has a dividend yield of 3% and a history of 14 consecutive years of dividend increases, making it attractive for patient investors [16] Group 4: NextEra Energy - NextEra Energy operates Florida Power & Light, the largest utility in the U.S., and is a leader in renewable energy, with a 9% growth in adjusted EPS reported for Q1 [18][19] - The company plans to invest $8 billion to $8.8 billion in FPL this year and aims for a renewables generation and storage capacity of 70 GW by the end of 2027 [19][20] - NextEra Energy expects adjusted EPS growth of 6% to 8% through 2027 and a dividend growth of around 10%, with a current yield of 3.4% [20] Group 5: Enbridge - Enbridge's shares have increased nearly 10% year-to-date, building on an 18% rise in 2024, attributed to the stability of its business model [21][22] - The company has met or exceeded financial guidance for 19 consecutive years, providing predictable cash flows despite market volatility [22] - Enbridge anticipates a 7% to 9% increase in adjusted EBITDA through 2026, supported by growth drivers such as toll escalators and contributions from its natural gas utilities [24][25]

Core Viewpoint - Enbridge Inc. will not redeem its Cumulative Redeemable Preference Shares, Series 13 on June 1, 2025, allowing holders to convert their shares into Series 14 Shares under certain conditions [1][2]. Summary by Sections Conversion Rights - Holders of Series 13 Shares can convert their shares into Series 14 Shares on a one-for-one basis on June 1, 2025, unless there are fewer than 1,000,000 Series 13 or Series 14 Shares outstanding [2]. Dividend Information - The annual dividend rate for Series 13 Shares from June 1, 2025, to June 1, 2030, will be 5.395%, based on the five-year Government of Canada bond yield of 2.735% plus an additional 2.66% [3]. - Series 14 Shares will have a floating quarterly dividend rate starting at 1.33841% for the period from June 1, 2025, to September 1, 2025, which is based on the three-month Government of Canada treasury bill rate plus 2.66% [4]. Conversion Period - The conversion period for beneficial holders of Series 13 Shares runs from May 2, 2025, until 5:00 p.m. (EST) on May 20, 2025, and holders are advised to contact their brokers promptly to facilitate the conversion [5].

Core Viewpoint - Wall Street anticipates flat earnings for Enbridge in the upcoming quarter, with a consensus EPS estimate of $0.68 per share, unchanged from the previous year, while revenues are expected to rise by 16.4% to $9.53 billion [3][11]. Earnings Report Expectations - The earnings report is scheduled for May 9, 2025, and could influence stock movement depending on whether the actual results exceed or fall short of expectations [2][3]. - A positive earnings surprise could lead to a stock price increase, while a miss may result in a decline [2]. Estimate Revisions - The consensus EPS estimate has been revised down by 1.8% over the last 30 days, indicating a bearish sentiment among analysts regarding Enbridge's earnings prospects [4][11]. - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.46%, complicating predictions for an earnings beat [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive reading is a strong predictor of an earnings beat, particularly when combined with a favorable Zacks Rank [8]. - Enbridge currently holds a Zacks Rank of 3 (Hold), which, combined with the negative Earnings ESP, makes it challenging to predict a positive earnings outcome [11]. Historical Performance - In the last reported quarter, Enbridge had an earnings surprise of +1.92%, with actual earnings of $0.53 per share against an expected $0.52 [12]. - Over the past four quarters, Enbridge has surpassed consensus EPS estimates twice [13]. Industry Comparison - Pembina Pipeline, another player in the oil and gas sector, is expected to report earnings of $0.57 per share, reflecting a year-over-year increase of 5.6%, with revenues projected to rise by 39.8% to $1.6 billion [17]. - Pembina's consensus EPS estimate has been revised up by 1% in the last 30 days, and it has a positive Earnings ESP of 2.93%, indicating a higher likelihood of beating the consensus estimate [18].