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Enbridge stock price
Enbridge is trading near $70 per share at the time of writing. The stock is up nearly 20% over the past year, but is now below the $73 it reached last week when announcing solid 2025 financial results.
The energy infrastructure and utilities company reported record results for 2025. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $19.95 billion from $18.62 billion in 2024. Adjusted profit came in at $6.58 billion, up from $6.04 billion. Adjusted earnings per share (EPS) rose from $2.80 in 2024 to $3.02 last year. Distributable cash flow (DCF), which is important to dividend investors, rose to $12.45 billion, up from $11.99 billion in 2024.
Enbridge has approved $14 billion in organic growth projects by 2025. The capital backlog now stands at $39 billion. With the new assets completed and scheduled to enter service over the next few years, Enbridge expects adjusted EBITDA, adjusted earnings per share and DCF to increase approximately 5% annually beginning in 2027. Enbridge has delivered on its expectations for 20 years in a row, so investors should feel comfortable with its prospects.
Acquisitions and new development projects could strengthen growth expectations.
Rising demand for natural gas bodes well for Enbridge, which has extensive transmission and storage infrastructure and natural gas facilities. Gas-fired power generation facilities are being built to supply electricity to AI data centers.
Enbridge’s renewable energy division is also building new solar and wind projects to provide power specifically for technology companies expanding their operations.
Risks
The expected increase in oil supplies to the United States from Venezuela could displace oil flows from Canada, which currently feed U.S. refineries on the U.S. Gulf Coast. Analysts initially speculated that this could ultimately reduce volumes along Enbridge’s oil pipeline network.
In its fourth-quarter 2025 earnings report, Enbridge said it remains committed to the planned expansion of its oil pipeline capacity into the U.S., citing continued support from Canadian oil producers.
It will take years before Venezuelan production increases significantly. That said, investors should keep this in mind.
Possibilities
In Canada, the government is in talks with the western provinces to possibly build a new oil pipeline to carry oil from Alberta to the coast, where it can be shipped to international buyers. This is part of the government’s plan to reduce dependence on energy sales to the United States. Enbridge’s strong position in the oil infrastructure sector would make it a top candidate to participate in a new major pipeline.
Enbridge’s size and strong balance sheet give the company the financial strength to make major strategic acquisitions while continuing to grow through organic projects.
Dividends
Enbridge has increased its dividend 31 years in a row. Expected DFC growth should support continued dividend increases. Investors who buy ENB shares at current levels can earn a dividend yield of 5.5%.
Time to buy?
The broader market is due for a correction after stellar gains over the past year, so I wouldn’t back up the truck just yet. That said, dividend investors should feel comfortable starting a position in Enbridge at this level. You are paid well to ride out the turbulence, and any additional pullbacks would be an opportunity to add to positions.
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