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Enbridge announces 29th consecutive dividend increase

Published Nov 29, 2023 08:59AM ET
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CALGARY, ALBERTA - Enbridge (NYSE:ENB) Inc., a leader in energy transportation and distribution in North America and Europe, has declared a 3.1% increase in its quarterly common share dividend. This announcement marks the company's 29th consecutive year of dividend growth, underscoring its commitment to delivering consistent shareholder value.

The Board's decision to raise dividends was finalized on Tuesday. The new dividend rate will be available to shareholders who are registered by February 15, 2024. The payment of the quarterly dividend is scheduled for March 1, 2024.

In addition to the common share dividend, Enbridge detailed dividends for various series of preference shares. The dividends declared include Series L at $0.36612, Series R at $0.41898, and Series 5 at $0.33596, among others.

Enbridge's strategy encompasses investments in renewable energy projects, including European offshore wind initiatives, and technologies such as hydrogen and renewable natural gas. These investments are part of the company's broader aim to achieve net-zero greenhouse gas emissions by 2050, demonstrating a commitment to sustainable energy and environmental stewardship.

InvestingPro Insights

In light of Enbridge Inc. 's recent announcement of dividend growth, it's worth noting the company's financial metrics and market performance. With a market capitalization of $72.67 billion and a P/E ratio that has adjusted to 18.92 in the last twelve months as of Q3 2023, the company exhibits a substantial size and valuation in the market. Despite a revenue decline of 12.65% over the same period, Enbridge maintains a robust gross profit margin of 48.55%, indicating efficient cost management relative to its revenues.

InvestingPro Tips highlight Enbridge's consistent history of dividend payments, with the company having raised its dividend for 21 consecutive years, and maintaining dividend payments for 51 consecutive years. This is particularly significant for income-focused investors. However, analysts have noted a declining trend in earnings per share and have revised their earnings downwards for the upcoming period, which could be a point of concern for potential investors.

For those interested in delving deeper into Enbridge's financial health and future prospects, InvestingPro offers a range of additional tips. Currently, there are 11 more InvestingPro Tips available for Enbridge, which can be accessed with an InvestingPro subscription. As a special offer, the InvestingPro subscription is now on a Cyber Monday sale with a discount of up to 55%. Additionally, readers can use the coupon code sfy23 to get an additional 10% off a 2-year InvestingPro+ subscription, further enhancing the value of this investment research tool.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Enbridge announces 29th consecutive dividend increase

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