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Every summer, our local Enbridge Inc. technician drops by to inspect our furnace and air conditioner — and chat about the good fortune he’s having by investing in his employer’s shares,franklin marshall.
Enbridge (ENB/TSX) shares first caught our attention in June 2011, when we used the Financial Post’s market data site to call up Canadian companies that consistently increase their dividends, and found Enbridge had raised its dividend by 11.3% five times over the previous five years,abercrombie.
Around the same time, the Enbridge technician arrived and happily weighed in on the merits of the stock. “I’ve more than doubled my money over the past few years with these shares,” the technician said in late June 2011, when the stock was about $30.
He’s still happy today as the stock is up 25% since then,air jordan.
The long stretch of good fortune — the stock is up 108% over the past five years, about five times that of rival TransCanada Corp. — means Enbridge shares appear expensive. At nearly $40, Enbridge trades at a premium 34.9 times earnings and nearly four times book value per share.
The future is what counts, however, and analysts see a good one for Enbridge. Its dividend growth rate is certainly a factor in their rosy outlook. Last winter, Enbridge increased its annual dividend to $1.12 from $1, producing a yield of about 2.9%. The increase was the company’s 17th consecutive annual hike; it has a paid a dividend every year since 1952,air jordan.
Enbridge also has a dividend reinvestment plan, where dividends can be used to buy more shares at a 2% discount, commission free.
Income-seeking investors, meanwhile, can buy Enbridge Income Fund Holdings Inc. (ENF/TSX), which has interests in some of Enbridge’s pipeline and alternative energy operations and pays a monthly dividend yielding 5.2%.
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Enbridge appeared as a solid prospect again this summer when we used the BMO Investorline advanced stock screener to look for dividend-paying, blue-chip Canadian companies with better-than-market returns on common equity. Then we focused on only those companies that analysts expect to have a median growth rate of at least 10% over the next five years,www.airjordanupasachere.com. Enbridge was the only result.
Ten of the 14 analysts who follow the company rate it as a buy. The analysts estimate Enbridge will earn 44? per share next quarter, up 20.1% over the same quarter a year ago, and $1.64 per share for the current fiscal year, up 24.2%. Over the next five years, they believe Enbridge’s earnings should grow by 12% annually.
Expensive as the stock may be, if these estimates even come close, it looks like other investors will jump aboard and maintain the stock’s steady climb.
Enbridge’s competitive advantages should strengthen as it expands, because it already has “a wide economic moat,” said a recent Morningstar report. The economic moat reflects the difficulty a competitor would have in setting up new pipelines and the ease with which existing pipelines can be expanded,doudoune moncler.
The report added the company has $20-billion worth of projects planned over 2012-16,doudoune moncler. “At a minimum, which we expect Enbridge will surpass, we look for these projects to modestly increase cash flow that could be used to maintain or grow dividends.”
Enbridge’s pipelines are regulated by Canadian and U.S,moncler. agencies and its allowed returns on equity are attractive enough to lock in economic returns on capital,abercrombie, the report said. “That is,abercrombie france, by virtue of regulation, Enbridge is all but guaranteed to outearn its cost of capital.”
In a July 20 report, Morningstar equity analyst David McColl warned Enbridge will have to pay for its past sins, as its July 2010 crude oil leak in Michigan gave significant ammunition to opponents of the proposed Northern Gateway pipeline.
Enbridge has announced plans to increase the wall thickness and monitoring of Northern Gateway,air jordan pas cher, “however, we don’t believe the additional costs will do much to sway most of the pipeline opponents.”
But neither the pipeline’s critics nor the company’s high share price sway our happy Enbridge technician. “I’m not selling my shares,” he said. “No way.”
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NATO also predicted Assad's fall, with Secretary-General Anders Fogh Rasmussen saying the regime's collapse is "only a matter of time."
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