Enbridge Stock Price, News & Analysis

Enbridge recently supported the Dr. Martin Luther King, Jr. Community Center in Newport, RI, with a $7,500 Fueling Futures grant. This non-profit, which has served the community since 1922, provides essential programs like hunger relief, education, and wellness. In 2022, it assisted nearly 6,000 individuals, many of whom are from BIPOC backgrounds. The center's hunger services include a daily hot breakfast and the country's largest food pantry, distributing over 85,000 pounds of produce and 657,240 meals last year. With increasing client numbers due to economic challenges, the MLK Center aims to meet growing community needs with dignity and respect.

On February 10, 2023, Enbridge Inc. filed its Form 10-K for the year ending December 31, 2022, with the U.S. Securities and Exchange Commission. The company also submitted its audited Consolidated Financial Statements and Management's Discussion and Analysis to Canadian securities authorities. These documents can be accessed via the SEC and Sedar websites, or directly from the company's website. Additionally, Enbridge announced its Annual Meeting of Shareholders will take place virtually on May 3, 2023, at 1:30 p.m. MDT.

Enbridge reported strong fourth-quarter and full-year 2022 results, with GAAP earnings of $2.6 billion ($1.28 per share), down from $5.8 billion ($2.87 per share) in 2021. Adjusted earnings rose to $5.7 billion ($2.81 per share), a minor increase from $5.6 billion ($2.74 per share) in the previous year. The company generated $11.2 billion in cash from operations, versus $9.3 billion in 2021. Enbridge reaffirmed its 2023 guidance for EBITDA between $15.9 billion and $16.5 billion, and increased its quarterly dividend by 3.2% to $0.8875. The company’s debt-to-EBITDA ratio stands at 4.7x, reflecting a strong financial position.

Enbridge CEO Greg Ebel has highlighted increasing demand for Canadian natural gas from international partners, particularly Japan and Germany. In a recent interview, Ebel emphasized the need for Canada to enhance its Liquefied Natural Gas (LNG) sector in response to these requests. He described the situation as 'to be determined,' indicating that while there is recognition of the obligation to supply, the approach to meeting this demand is still under discussion. This statement underscores the urgency to develop Canada's LNG capabilities amidst rising global interest.

Enbridge has awarded a $10,000 Fueling Futures grant to the Duluth Art Institute (DAI), mitigating the financial challenges exacerbated by the Covid-19 pandemic. This funding supports operational costs and program delivery for BIPOC artists. DAI, led by Christina Woods, focuses on amplifying underrepresented narratives through art, fostering community understanding, and counteracting stereotypes. The grant is part of Enbridge's commitment to supporting arts initiatives that promote diversity and inclusivity, responding to the urgent need for funding in cultural organizations.

Enbridge announced it will not redeem its Cumulative Redeemable Preference Shares, Series D, on March 1, 2023. Shareholders can convert their Series D Shares into Cumulative Redeemable Preference Shares, Series E, also on March 1, 2023, subject to certain conditions. Currently, there are 18 million Series D Shares outstanding. Holders of Series D Shares will receive a new annual dividend rate of 5.412% starting March 1, 2023. For Series E Shares that may be issued, the initial quarterly dividend rate will be 1.71901%. The conversion right is available from January 30 to February 14, 2023.

Enbridge Gas Inc., in collaboration with Natural Resources Canada and the province of Ontario, has launched a co-delivery model for the Canada Greener Homes Grant through the enhanced Home Efficiency Rebate Plus (HER+) program. This initiative allows eligible Ontarians to access grants up to $5,000, with Enbridge Gas providing an additional $5,000 for a total of $10,000 in rebates for home improvements aimed at optimizing energy efficiency. The program also helps reduce greenhouse gas emissions and is expected to save residents on utility bills, promoting sustainable and climate-resilient communities.

Enbridge's Houston team raised over $1 million for the United Way of Greater Houston in 2022, contributing to a total of $3.6 million across North America. This marks the 30th year of their fundraising efforts, highlighting their commitment to community support. The campaign's spotlight agency, Target Hunger, provides food assistance to vulnerable populations in Houston. More than 2,000 employees participated in volunteer activities, logging nearly 2,900 hours dedicated to various charitable initiatives. Enbridge's corporate giving included employee donations and corporate matching, emphasizing its role in enhancing community welfare.

Enbridge has contributed $15,000 to Smart North, a new youth tech hub in Deer River, Minnesota, aimed at equipping young people aged 12 to 20 with essential digital skills. The facility offers advanced technology tools like VR headsets and 3D printers, alongside support services including food, homework help, and mental wellness resources.

This initiative arises from a community response to the tech divide highlighted by the George Floyd tragedy and the COVID-19 pandemic. Local cooperation has facilitated the hub's rapid development, which seeks to nurture a tech talent pipeline for nearby businesses and enhance future job prospects for local youth.