Enbridge (TSX: ENB) has lengthy been a robust funding, constructing a toll-booth enterprise in vitality. It strikes crude and pure fuel, indicators lengthy contracts, and pays a dividend that has grown for many years. That mixture can really feel just like the closest factor to “set it and overlook it” within the Canadian vitality sector.
Nonetheless, 2026 forces a good query: does Enbridge inventory nonetheless provide worth now that the market is aware of the story, rates of interest have stayed increased, and the corporate has leaned more durable into U.S. fuel utilities and new progress spending? The dividend seems to be sturdy, however the value you pay for durability issues greater than ever.
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ENB
Enbridge runs certainly one of North America’s greatest vitality infrastructure networks. It operates main liquids pipelines, giant pure fuel transmission methods, and a rising fuel utility footprint, with a smaller renewable energy phase on the aspect. Most of its money circulate comes from regulated or contracted property, which helps it keep regular when commodity costs swing.
Within the final yr, Enbridge inventory saved advancing a big secured progress backlog and highlighted that it positioned about $5 billion of natural progress capital into service in 2025, whereas sanctioning about $14 billion of latest natural tasks in the course of the yr. It additionally saved pointing buyers towards predictable multi-year progress targets fairly than one-off wins.
Moreover, Enbridge inventory has been integrating its U.S. fuel utility enlargement, together with the acquisition of Public Service Firm of North Carolina it accomplished in 2024. That deal pushed Enbridge inventory deeper into regulated utility money flows, which may easy outcomes, but in addition will increase the necessity for cautious capital allocation and debt administration. In the meantime, it stayed lively on the fuel infrastructure aspect, together with a 2025 settlement tied to purchasing into the Matterhorn Categorical pure fuel pipeline, which plugs right into a key U.S. provide basin and demand hall.
Into earnings
Earnings gave Enbridge loads of ammunition heading into 2026. For full-year 2025, it posted adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $20 billion, up from $18.6 billion in 2024, and distributable money circulate of $12.5 billion versus $12 billion. Adjusted earnings per share got here (EPS) in at $3.02, up from $2.80. Within the fourth quarter alone, adjusted EBITDA reached $5.2 billion and adjusted earnings per share (EPS) hit $0.88.
The dividend story stayed entrance and centre, as a result of that’s what most buyers personal it for. Enbridge inventory raised its quarterly dividend for 2026 by 3% to $0.97 per share, or $3.88 annualized, which marked its thirty first consecutive annual improve. And proper now, even $7,000 may herald numerous revenue.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| ENB | $71.22 | 98 | $3.88 | $380.24 | Quarterly | $6,979.56 |
That elevate got here alongside administration reaffirming 2026 steerage fairly than sounding cautious. Enbridge guided to adjusted EBITDA of $20.2 billion to $20.8 billion and distributed money circulate (DCF) per share of $5.70 to $6.10. It additionally pointed to a $39 billion secured backlog, with about $8 billion anticipated to return into service in 2026, which helps the concept progress is on schedule.
Silly takeaway
Valuation is the place the controversy will get fascinating in 2026. With Enbridge inventory round $71 not too long ago, the brand new $3.88 dividend is available in at about 5.4%, which nonetheless seems to be engaging for a big, contracted infrastructure title buying and selling at 22 instances earnings.
Briefly, Enbridge inventory in 2026 seems to be like the identical reliable machine, however with a barely completely different character. It has extra regulated utility publicity, an enormous challenge backlog, and one other dividend elevate underneath its belt, which all help the long-term case. The open query is value, not high quality. If you’d like a reliable revenue and you’ll stay with slower, steadier progress, it nonetheless has a spot in a Canadian portfolio. Simply don’t deal with it like a discount by default, however a blue-chip that earns its maintain.