Enbridge Inc. (NYSE:ENB) is included among the Goldman Sachs Dividend Stocks: Top 14 Stock Picks.
On February 19, Citi raised its price recommendation on Enbridge Inc. (NYSE:ENB) to C$77 from C$75. It reiterated a Buy rating on the stock. Analysts increased their estimates after reviewing the company’s fourth-quarter results.
On February 13, Enbridge reported a fourth-quarter profit that came in above expectations. The company also said it had approved several new projects to meet rising power demand across North America. Pipeline operators are seeing stronger demand for natural gas. This growth is tied to higher liquefied natural gas exports. Power demand is also climbing as artificial intelligence and data centers require more energy. This shift has created steady opportunities for infrastructure providers like Enbridge.
The company reported a project backlog of C$39 billion, with C$8 billion expected to enter service this year. During the quarter, Enbridge approved two renewable energy projects. One is a $1.2 billion project in Wyoming for a large tech company. The other is a $400 million onshore wind project in Texas that will support Meta Platforms’ data center operations.
Enbridge posted adjusted profit of 88 Canadian cents per share for the fourth quarter. This came in above estimates of 77 Canadian cents, based on data compiled by LSEG.
Enbridge Inc. (NYSE:ENB) operates as an energy transportation and distribution company. Its business runs across five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services.
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