Company Overview - Enbridge is one of the largest midstream companies globally, with a market capitalization of nearly $100 billion [2] - The company has been making significant investments in its business, indicating a commitment to growth [2] Financial Performance - Despite concerns regarding its balance sheet, Enbridge continues to pay dividends, showcasing its financial resilience [2] Investment Strategy - The Value Portfolio focuses on building retirement portfolios through a fact-based research strategy, which includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Core Insights - Enbridge Inc. reported fourth-quarter 2024 adjusted earnings per share (EPS) of 53 cents, exceeding the Zacks Consensus Estimate of 52 cents and up from 47 cents in the same quarter last year [1] - Total quarterly revenues reached $11.6 billion, a significant increase from $8.4 billion in the prior-year quarter, also surpassing the Zacks Consensus Estimate of $4.8 billion [1][2] Financial Performance - The strong quarterly results were driven by higher Adjusted EBITDA contributions from major business segments including Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage [2] - Liquids Pipelines segment reported adjusted EBITDA of C$2.4 billion, slightly up from C$2.37 billion year-over-year, supported by contributions from the Mainline System and Regional Oil Sands System [4] - Gas Transmission segment's adjusted earnings totaled C$1.27 billion, an increase from C$1.08 billion in the previous year, aided by higher contributions from the U.S. gas transmission segment [5] - Gas Distribution and Storage segment generated a profit of C$1,015 million, up from C$519 million, primarily due to increased contributions from U.S. Gas Utilities [6] - Renewable Power Generation segment recorded earnings of C$308 million, up from C$141 million [6] - Distributable Cash Flow (DCF) for the quarter was C$3.07 billion, an increase from C$2.73 billion a year ago [7] Balance Sheet - At the end of the fourth quarter, Enbridge reported long-term debt of C$93.4 billion and cash and cash equivalents of C$1.8 billion, with a current portion of long-term debt at C$7.7 billion [8] Outlook - For 2025, the company forecasts adjusted EBITDA (on base business) to be in the range of $19.4-$20.0 billion and DCF per share to be between $5.50-$5.90 [9] - Enbridge reaffirmed its near-term growth outlook for 2023 to 2026, projecting a 7-9% growth for adjusted EBITDA and 3% for DCF per share [9]

Core Viewpoint - Midstream energy stocks, particularly Enbridge and Energy Transfer, have shown significant performance over the past year, with Enbridge rising 33% and Energy Transfer 42% [1] Company Comparison - Enbridge operates extensive pipeline networks in both Canada and the U.S., while Energy Transfer's operations are solely within the U.S. [2] - Enbridge is more diversified, ranking as the largest North American natural gas utility company following acquisitions in 2023 [3] - Enbridge has a market cap of approximately $99 billion, with adjusted earnings exceeding CA$6 billion and distributable cash flow nearing CA$12 billion last year [3] - Energy Transfer's market cap is around $68 billion, with 2024 earnings projected at $1.08 billion and distributable cash flow of $1.98 billion [4] Growth Prospects - Enbridge anticipates adjusted EBITDA between CA$19.4 billion and CA$20 billion in 2025, indicating a year-over-year growth of nearly 17% at the midpoint [5] - Energy Transfer expects adjusted EBITDA between $16.1 billion and $16.5 billion for this year, reflecting a year-over-year increase of about 5% [5] - Both companies face similar industry dynamics and opportunities, suggesting comparable long-term growth prospects [6] Dividends - Enbridge offers a forward dividend yield of 6.05%, while Energy Transfer has a higher forward distribution yield of 6.58% [7] - Enbridge has a strong track record, having increased its dividend for 30 consecutive years, whereas Energy Transfer reduced its distribution in 2020 but resumed growth in 2022 [8] Valuation - Energy Transfer's valuation appears more attractive, trading at 10.7 times forward earnings compared to Enbridge's 21.5 times [9] - The price-to-sales ratio for Energy Transfer is 0.82, significantly lower than Enbridge's 2.87 [9] - The enterprise-value-to-EBITDA ratio for Energy Transfer is 0.82, while Enbridge's is 2.87, indicating a more favorable valuation for Energy Transfer [10] Investment Recommendation - Both Enbridge and Energy Transfer are considered strong options for income investors, but Energy Transfer is favored for its higher yield and appealing valuation [11] - Enbridge may be more suitable for investors seeking stability and those wanting to avoid tax complications associated with limited partnerships [11]

Core Viewpoint - The company Enbridge has been upgraded to a Buy rating due to its strong pipeline of growth projects in Liquids Pipelines and Gas [1] Group 1: Company Overview - Enbridge operates in the energy sector, focusing on pipeline infrastructure for liquids and gas [1] - The company has a history of managing a diverse portfolio and aims to achieve long-term returns that match or exceed the S&P 500 with lower volatility and higher income [1] Group 2: Investment Strategy - The investment approach emphasizes long-term holdings unless compelling reasons arise to sell [1] - The strategy seeks to maximize total return over time by purchasing assets when their prices are low relative to intrinsic value [1]

Core Points - Enbridge Inc. announced that none of its outstanding Cumulative Redeemable Preference Shares, Series 11 will be converted into Series 12 Shares on March 1, 2025 [1] - Less than 1,000,000 Series 11 Shares required for conversion were tendered by the February 14, 2025 deadline [2] Company Overview - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, as well as a growing European offshore wind portfolio [3] - The company is investing in modern energy delivery infrastructure and has over a century of experience in conventional energy and two decades in renewable power [3] - Enbridge is advancing technologies such as hydrogen, renewable natural gas, and carbon capture and storage [3]

Financial Data and Key Metrics Changes - Enbridge reported record EBITDA and DCF per share in 2024, with a 13% increase in EBITDA compared to 2023, reaching over $5.1 billion for the quarter [12][38] - DCF per share rose to $1.41, reflecting a 10% increase year-over-year, while adjusted earnings per share increased by 17% to $0.75 [38][41] - Total shareholder return for 2024 was 37%, highlighting strong performance [13] Business Line Data and Key Metrics Changes - Liquids segment saw strong throughput, averaging 3.1 million barrels per day, with record annual volumes on key pipelines [22][70] - Gas Transmission business experienced high utilization, with new throughput records set in January 2025 [25][73] - Gas Distribution and Storage business now delivers over 9 Bcf per day to over 7 million customers, reflecting growth from newly acquired utilities [30][78] Market Data and Key Metrics Changes - Enbridge added over $5 billion in gas and renewable projects in 2024, including significant pipeline projects and solar capacity [20][68] - The company sanctioned approximately $4 billion in new capital projects focused on U.S. Gulf Coast infrastructure [26][74] - The utility franchise has doubled in size, enhancing market presence and service capabilities [29][77] Company Strategy and Development Direction - Enbridge aims to meet increasing power generation and industrial needs through a diversified portfolio that includes long-haul gas transmission and renewable power [19][67] - The company emphasizes a low-risk business model, achieving guidance for 19 consecutive years, and plans to continue prudent capital recycling [16][62] - Future growth will focus on brownfield investments and maintaining a strong capital backlog of $26 billion [47][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's ability to generate strong returns despite macroeconomic challenges [16][18] - The company anticipates continued strong demand for its services, particularly in the Liquids and Gas Transmission segments [21][70] - Enbridge reaffirmed its 2025 guidance, expecting adjusted EBITDA between $19.4 billion and $20 billion [42][91] Other Important Information - Enbridge increased its dividend for the 30th consecutive year, reinforcing its status as a dividend aristocrat [12][59] - The company closed the acquisition of three U.S. natural gas utilities, creating the largest gas utility franchise in North America [13][60] - Enbridge's capital allocation strategy remains focused on maintaining a strong balance sheet and disciplined investment approach [45][94] Q&A Session Summary Question: WCSB production and growth opportunities - Management discussed ongoing production growth and quick-hit projects to serve markets, with more details expected at the upcoming Investor Day [106][110] Question: Impact of new D.C. policies on energy infrastructure - Management highlighted the importance of a diversified energy portfolio and expressed optimism about a more rational approach to sustainability and permitting [112][114] Question: Appetite for investing in long-haul Liquids pipelines - Management indicated that any future investment in projects like Northern Gateway would require significant changes in political and regulatory environments [120][124]

Group 1 - Enbridge reported quarterly earnings of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and up from $0.47 per share a year ago, representing an earnings surprise of 1.92% [1] - The company posted revenues of $11.59 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 142.43%, compared to year-ago revenues of $8.37 billion [2] - Enbridge shares have increased approximately 7.1% since the beginning of the year, outperforming the S&P 500's gain of 4% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $5.25 billion, and for the current fiscal year, it is $2.15 on revenues of $20.44 billion [7] - The Zacks Industry Rank for Oil and Gas - Production and Pipelines is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8] Group 3 - Enbridge has surpassed consensus EPS estimates two times over the last four quarters and topped consensus revenue estimates three times in the same period [2] - The estimate revisions trend for Enbridge is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]

Legal notice Forward Looking Information This presentation includes certain forward-looking statements and information (FLI) to provide potential investors and shareholders of Enbridge Inc. (Enbridge or the Company) with information about Enbridge and its subsidiaries and affiliates, including management's assessment of their future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast" ...

CALGARY, AB, Feb. 14, 2025 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) has filed its Form 10-K for the year ended December 31, 2024, with the United States Securities and Exchange Commission. Enbridge has also filed its audited Consolidated Financial Statements and related Management's Discussion and Analysis for the year ended December 31, 2024, with Canadian securities regulatory authorities.Copies of these documents are available electronically at www.sec.gov (U.S. filings) or www.sedarplus.ca (C ...

If you have $100 and are looking to generate some long-term income from an investment, you don't have to settle for the 1.2% yield on offer from the S&P 500 index. You can do much better than that without taking on a huge amount of business risk.Look no further than Enbridge (ENB 0.78%) and Enterprise Products Partners (EPD 0.85%). Both stocks trade for well below $100 a share and they are both clearly dedicated to providing a reliable, and growing, income stream to investors. Here's what you need to know.Y ...