Enbridge Inc. (NYSE:ENB) on Wednesday disclosed the 2026 guidance, expecting adjusted EBITDA of $20.2 billion–$20.8 billion and distributable cash flow (DCF) per share of $5.70–$6.10. • ENB is in positive territory. Watch the momentum here.Further 2026 GuidanceIn particular, the company sees EBITDA from Liquids Pipelines of about $9.6 billion, Gas Transmission of around $5.5 billion and Gas Distribution & Storage of roughly $4.5 billion.Enbridge plans to invest about $10 billion in growth capital in 2026, e ...

Core Viewpoint - Enbridge Inc. announced its 2026 financial guidance, projecting steady growth driven by new projects and strong utilization of existing assets, alongside a 3% increase in its annual common share dividend [1][2]. Financial Guidance - The company provided 2026 adjusted EBITDA guidance of CAD 20.2 billion to CAD 20.8 billion and distributable cash flow (DCF) per share guidance of CAD 5.70 to CAD 6.10 [1]. - Enbridge reaffirmed its 2025 full-year guidance, expecting to finish in the upper half of the EBITDA range of CAD 19.4 billion to CAD 20.0 billion and at the midpoint for DCF per share [1]. - The company anticipates a compound annual growth rate of 7-9% for EBITDA, 4-6% for adjusted earnings per share (EPS), and approximately 3% for DCF per share from 2023 to 2026 [1]. Dividend Increase - Enbridge declared a 3% increase in its quarterly common share dividend from CAD 0.9425 to CAD 0.97, effective March 1, 2026, marking the 31st consecutive annual increase [1]. Growth Drivers - The projected EBITDA for 2026 is supported by approximately CAD 8 billion of new projects entering service, strong growth from recent rate settlements, and optimization of existing assets [1]. - Key growth drivers include contributions from organic projects, increased rates on U.S. Gas Transmission assets, and favorable re-contracting [1]. Capital Investments and Financing - Enbridge plans to deploy approximately CAD 10 billion of growth capital in 2026, with a strong balance sheet and a debt-to-EBITDA ratio expected to remain within the target range of 4.5-5.0x [1]. - The financing plan includes CAD 10 billion of debt issuances, primarily for refinancing CAD 5 billion of debt maturities, with no external equity required [1].

CALGARY, AB,Dec. 3, 2025/PRNewswire/ -Enbridge Inc. (TSX: ENB) (NYSE:[ENB](#financial-modal)) (Enbridge or the Company) announced today that its Board of Directors has declared a quarterly dividend of $0.9700 per common share, payable on March 1, 2026 to shareholders of record on February 17, 2026. The declared dividend represents a 3% increase from the prior quarterly rate and the 31st consecutive year in which the Company has increased its common share dividend.**DIVIDEND DECLARATION**On December 2, 2025, ...

Core Insights - Kayne Anderson Energy Infrastructure Fund, Inc. reported its net assets as of November 30, 2025, totaling $2.3 billion, with a net asset value per share of $13.79 [2][5] - The company's asset coverage ratio for senior securities representing indebtedness was 695%, while the total leverage asset coverage ratio was 508% [2][5] - The fund's total assets amounted to $3.22 billion, with long-term investments primarily in Midstream Energy Companies (95%) [3][5] Financial Summary - Total assets: $3,222.4 million, including investments of $3,217.2 million and cash equivalents of $1.6 million [3] - Total liabilities: $321.9 million, with total leverage at $567.5 million, which includes a credit facility of $18 million and notes of $400 million [3] - Net assets were reported as $2,333.0 million [3] Investment Focus - The company focuses on investing at least 80% of its total assets in securities of Energy Infrastructure Companies, aiming for high after-tax total returns with an emphasis on cash distributions to stockholders [7] - The top ten holdings are predominantly in Midstream Energy Companies, with the largest being The Williams Companies, Inc. at $343 million, representing 10.7% of long-term investments [5]

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Group 1: Merck (MRK) - Merck is a pharmaceutical company facing specific risks, particularly related to patent cliffs where revenues can sharply decline after drug exclusivity ends [3][4] - The current market capitalization of Merck is $260 billion, with a current stock price of $104.83 and a dividend yield of 3.09% [5][6] - Merck's dividend payout ratio is approximately 50%, which is more sustainable compared to Pfizer's 90% payout ratio, positioning Merck better to maintain dividends despite upcoming patent cliffs [6] Group 2: Enbridge (ENB) - Enbridge operates a toll-taker business model, focusing on moving oil and natural gas, which makes it less sensitive to commodity price fluctuations [8][9] - The company has a market capitalization of $106 billion, with a current stock price of $48.78 and a dividend yield of 5.52% [10][11] - Enbridge has consistently increased its dividend annually for three decades, making it an attractive option for investors looking to enter the energy sector [11] Group 3: Bank of Nova Scotia (BNS) - Bank of Nova Scotia is currently undergoing a turnaround, focusing on North America and exiting less desirable operations in Central and South America [12][15] - The bank has a market capitalization of $86 billion, with a current stock price of $69.29 and a dividend yield of 4.44% [14][15] - The bank has a long history of paying dividends since 1833, indicating a commitment to returning value to shareholders [13]

Core Viewpoint - Enbridge (ENB) is currently a stock of significant interest among investors, with recent performance indicating a potential for future price movements influenced by earnings estimates and revenue growth [1][2]. Earnings Estimates - Enbridge is expected to report earnings of $0.57 per share for the current quarter, reflecting a year-over-year increase of +7.6%. However, the Zacks Consensus Estimate has decreased by -2.1% over the last 30 days [5]. - The consensus earnings estimate for the current fiscal year stands at $2.14, indicating a +7% year-over-year change, with a recent adjustment of -1.3% [5]. - For the next fiscal year, the consensus estimate is $2.26, which represents a +5.7% change from the previous year, but has also seen a decline of -2.2% recently [6]. - Enbridge holds a Zacks Rank of 4 (Sell), suggesting a potential underperformance in the near term due to recent changes in earnings estimates [7]. Revenue Growth Forecast - The consensus sales estimate for the current quarter is $11.59 billion, indicating no year-over-year change. For the current and next fiscal years, the revenue estimates are $43.46 billion and $38.31 billion, reflecting changes of +11.5% and -11.9%, respectively [11]. Last Reported Results and Surprise History - In the last reported quarter, Enbridge generated revenues of $10.63 billion, a decrease of -2.6% year-over-year, and reported an EPS of $0.33, down from $0.40 a year ago. The revenue fell short of the Zacks Consensus Estimate by -2.1%, and the EPS missed by -15.38% [12]. - Over the past four quarters, Enbridge has surpassed consensus EPS estimates three times and has also exceeded consensus revenue estimates three times [13]. Valuation - Enbridge's valuation metrics indicate that it is trading at a premium compared to its peers, receiving a Zacks Value Style Score of D, which suggests it may be overvalued [17].

Core Insights - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] - The investment approach is informed by a diverse academic background, enhancing both quantitative analysis and market narrative interpretation [1] Investment Philosophy - The goal of investment is to ensure sufficient assets for freedom in work and life, rather than to escape work entirely [1] - The management of investments is aimed at providing for future generations while allowing for personal expression in work [1]

Core Viewpoint - Enbridge is a leading North American energy infrastructure company with significant involvement in crude oil and natural gas transportation, as well as renewable energy investments [1] Company Overview - Enbridge is headquartered in Calgary, Alberta, Canada, and reports financial results in Canadian dollars [3] - The company transports approximately 30% of North America's crude oil and nearly 20% of the natural gas consumed in the U.S. [1] Dividend Payments - Enbridge pays a quarterly dividend of CA$0.9425 per share, equivalent to $0.67 per share at the current exchange rate, which translates to an annualized payment of $2.57 [4] - The dividend payments are subject to foreign exchange fluctuations, impacting U.S. investors [4] - U.S. shareholders face a 15% Canadian withholding tax on dividends, applicable only to shares held in regular brokerage accounts [7] Business Model and Risk - Enbridge has one of the lowest-risk business models in the energy sector, with about 98% of cash flows secured by cost-of-service agreements or long-term fixed-rate contracts [8] - The company has achieved its annual financial guidance for 19 consecutive years, indicating predictable results [8] - Enbridge has diversified its business to enhance cash flow stability, increasing earnings from stable gas distribution assets from 12% to 22% of total earnings [10] Financial Metrics - Current market capitalization of Enbridge is $104 billion [9] - The current stock price is $47.56, with a dividend yield of 5.66% [9][10] - The company's gross margin stands at 32.82% [10]