Table of Contents
Updates Based on Data and Report
– Enbridge is one of the largest pipeline operators and generates 57% of its total revenues from its liquids pipeline business.
– On September 5, 2023, Enbridge announced a deal to purchase three U.S. utilities from Dominion Energy for $14 billion, which will make Enbridge the largest provider of natural gas in the United States.
– Enbridge stock is currently trading down 14% year-to-date at 15.9X forward earnings with a 7.84% annual dividend yield.
– The acquisition of three natural gas distribution utilities will help Enbridge diversify its energy mix and accommodate consumer choices in sustainability.
– Analyst actions include Wells Fargo downgrading Enbridge shares to Equal Weight from Overweight and BMO Markets resuming coverage of Enbridge with a Market Perform rating.
New Findings
– Enbridge operates the longest pipeline in the world with a total of 17,809 miles in North America.
– The company transports nearly 30% of the crude oil produced in the U.S. and 40% of the crude oil imported by the U.S.
– The controversy surrounding natural gas is growing as it releases methane, a strong greenhouse gas.
– However, natural gas burns cleaner than fossil fuels and dissipates quicker than carbon dioxide.
– Enbridge stock has been in a weekly descending triangle pattern since peaking in June 2022, but there is potential for a breakout.
It is important for investors to consider these updates, data, and findings when evaluating whether to take advantage of Enbridge stock’s low price.
