Enbridge Stock Price, News & Analysis

Enbridge announced that no outstanding Cumulative Redeemable Preference Shares, Series 15, will convert into Series 16 Shares on September 1, 2020. Less than 1,000,000 Series 15 Shares were tendered for conversion by the August 17 deadline, failing the required threshold for conversion. Enbridge, a North American energy infrastructure leader, manages significant operations in Liquids Pipelines, Gas Transmission, and Renewable Power Generation.

Enbridge Inc. announced it will not redeem its Cumulative Redeemable Preference Shares, Series 15, on September 1, 2020. Shareholders can convert these into Series 16 Shares on a one-for-one basis. If fewer than 1,000,000 Series 15 Shares remain, they will automatically convert. The Series 15 Shares will have a fixed annual dividend rate of 2.983% from September 1, 2020, to September 1, 2025. Series 16 Shares will receive a floating dividend of 0.70861%, reset quarterly. The conversion period for shareholders runs from August 2, 2020, to August 17, 2020.

Enbridge reported second-quarter 2020 financial results with GAAP earnings of $1,647 million, or $0.82 per share, down from $1,736 million or $0.86 per share in 2019. Adjusted earnings decreased to $1,133 million ($0.56/share) from $1,349 million ($0.67/share). Cash provided by operations was $2,416 million, down from $2,494 million last year. Distributable cash flow rose to $2,437 million, up $127 million year-over-year. Enbridge reaffirmed its 2020 DCF per share guidance of $4.50 to $4.80, citing strength in gas transmission and new project developments despite COVID-19 impacts.

The Board of Directors of Enbridge has announced a quarterly dividend of $0.81 per common share, payable on September 1, 2020 to shareholders of record on August 14, 2020. This amount is consistent with the dividend declared on June 1, 2020. Additionally, the Board has declared dividends for various series of preferred shares, also payable on September 1, 2020. This announcement highlights Enbridge's commitment to returning value to shareholders while maintaining its financial stability in the energy infrastructure sector.

Enbridge Inc. will host a conference call and webcast on July 29, 2020, at 7:00 a.m. MT (9:00 a.m. ET) to provide a business update and review 2020 second quarter results. The results will be announced prior to market opening on the same day. The call will feature remarks from the executive team, followed by a Q&A session. Analysts and investors can participate via dial-in numbers provided in the release. A replay of the call will be available for seven days after its conclusion, along with a transcript on the company website.

Enbridge Inc. announced on July 2, 2020, that Algonquin Gas Transmission, LLC received approval from the Federal Energy Regulatory Commission (FERC) for its uncontested rate settlement with customers. This settlement resolves all issues in Docket No. RP19-57-000 and terminates the FERC Form No. 501-G proceeding. Algonquin, a key natural gas pipeline owned by Enbridge, is vital for energy supply to New England and connects with other Enbridge pipelines. Enbridge is a leading North American energy infrastructure company, crucial for liquid and gas transportation.

The Minnesota Public Utilities Commission (MPUC) has denied reconsideration petitions related to the Line 3 Replacement Project (L3RP), affirming its environmental impact statement and route permit. Enbridge views this decision as a significant advancement for L3RP, which promises to meet Minnesota's energy needs and replace an aging pipeline with a safer one. The project represents a US$2.9 billion investment and is set to create 4,200 union jobs in Northern Minnesota, thereby delivering substantial local economic benefits.

Enbridge faces a Temporary Restraining Order from a Michigan Circuit Court mandating the shutdown of Line 5 for 24 hours pending a hearing on June 30, 2020. The company's leadership expresses disappointment, asserting that Line 5 is safe. The Pipeline and Hazardous Materials Safety Administration has regulatory authority over the situation, with inspections indicating the west segment is operationally safe. However, an extended shutdown could lead to critical fuel shortages in Michigan and Ohio, increasing gasoline prices.

Enbridge Inc. (TSX: ENB) announced its firm opposition to a temporary restraining order by the Michigan Attorney General concerning the dual pipelines of Line 5, citing a lack of legal justification. Inspections revealed no mechanical damage to the pipelines, which transport 540,000 barrels per day of propane and crude oil essential for Michigan’s supply. The east leg remains shut down while the west leg has resumed operations post-inspection. Enbridge continues its collaboration with regulatory bodies to ensure safety and compliance.