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Enbridge - Government Trades

Enbridge

Enbridge owns extensive midstream assets that transport hydrocarbons across the us and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada's largest natural gas distribution company. The firm has a small renewables portfolio primarily focused on onshore and offshore wind projects.

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U.S. stocks are on track to finish the week on a high, with the index futures pointing to a higher opening on Friday.

US Stocks Set To End Week Strong With S&amp;P 500 Eyeing Break Above Late-March Peak: Analyst Says He&#39;s Still A Buy In May Amid This Positive Signal

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ARRY

DNOW

FNKO

Enbridge, Funko And 3 Stocks To Watch Heading Into Friday

ABNB

RBLX

Investor Sentiment Improves Further, Dow Jumps Over 300 Points

Large Cap

Legal

Media

Biden admin urges appeals court to reconsider order for Enbridge to drain part of pipeline on tribal land, citing treaty violation.

Legal Battle Over Enbridge Pipeline: Biden Administration Reportedly Urges Review

Enbridge&#39;s subsidiary reportedly received FERC approval for Venice extension project in Louisiana with a capacity of 1.3 bcfd and $500M cost. Project expected to be completed by 2026.

US Regulators Gives Green Light for Enbridge&#39;s Louisiana Venice Pipeline: Report

Enbridge pipeline construction

Contracts

MPLX

Enbridge Inc. partners with WhiteWater/I Squared Capital and MPLX LP to form a joint venture, connecting Permian Basin gas supply to LNG and USGC demand.

Enbridge Forms Powerhouse JV For Permian Basin Gas Pipeline Expansion: Details

Enbridge Inc. plans to expand Gray Oak pipeline capacity by 80,000 bpd in 2024 and another 40,000 bpd in 2025. 

Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report

Wall Street AI

Tech

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DELL

NVDA

SMCI

Jim Cramer, CNBC&#39;s market commentator, has identified companies and sectors that are likely to benefit from the wave of artificial intelligence.

Beyond Nvidia, Jim Cramer Identifies Companies And Sectors Set To Surge Amid AI Wave: &#39;This Technological Revolution Is Crossing All Barriers&#39;

Guidance

Dividends

Enbridge reported a fourth-quarter FY23 adjusted EPS of C$0.64, higher than C$0.63 a year ago.
Adjusted EBITDA rose to C$4.11 billion from C$3.91 billion a year ago. The company reaffirmed its 2024 financial guidance and provided a quarterly business update.

Pipeline Giant Enbridge Backs 2024 Guidance Post Q4 Results: Details

Technicals

Commodities

Enbridge (ENB) stock shows signs of renewed investor confidence ahead of earnings. 

Enbridge&#39;s &#39;Once-In-A-Generation Opportunity&#39; Triggers Golden Cross Ahead Of Q4 Earnings

Enbridge Inc

ENBRIDGE INC 5.50% PFD A by Enbridge Inc.

ENBRIDGE INC PREF SER 13 by Enbridge Inc.

ENB FINANCIAL CORP PA by ENB Financial Corp.

ENB Financial Corp

ENBRIDGE INC RE PRF SER 7 by Enbridge Inc.

Pursuant to the ATM Option, Enbridge may issue and sell, at its discretion, up to $2.75 billion (or the U.S. dollar equivalent) of common shares of the Company (Common Shares) from treasury to the public from time to time, at the market prices

General

Enbridge Files Prospectus Supplements to Enable An At-the-Market Equity Issuance Funding Option for Its Acquisitions

U.S. stocks are on track to finish the week on a high, with the index futures pointing to a higher opening on Friday. The <a href="https://www.benzinga.com/markets/equities/24/05/38734795/unemployment-claims-surge-more-than-expected-hit-8-month-peak-dollar-falls-as-traders-bet-on-rat">recent string of weak data </a>has given raise to hopes that the Federal Reserve may have to relent and take rates lower. A few Federal Reserve speeches scheduled for the day will likely offer some color on what the central bank may do with rates this year.
A consumer sentiment reading and inflation expectations, which are a part of the report, and tapering earnings news flow could also impact trader sentiment. All eyes will be on the S&amp;P 500 Index to see if the upward momentum is strong enough to lift it past late March closing highs of 5,248.49.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.48%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.38%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.33%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.36%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Friday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.37% to $522.10,&nbsp;while the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.46% to $443.03, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
Thanks to a spike in jobless claims to the highest since August 2023, the major averages all ended firmly in the green on Thursday. Commenting on the data, fund manager Louis Navellier said, &#8220;Overall, since the Fed has an unemployment mandate, rising jobless claims should help to coax the Fed to cut key interest rates sooner than later.&#8221;
The indices opened on a mixed note, but turned uniformly higher in late-morning trading. Subsequently, they stayed firmly in the green before ending the session higher. All S&amp;P sectors, with the exception of IT stocks, gained ground, with energy and real estate stocks seeing standout gains.
The Dow Jones Industrial Average extended its winning streak to seven, with the Dow, S&amp;P 500 Index and the Russell 2,000 Index now at their highest closing levels in over a month. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td> Index</td>
<td> Performance (+/-)</td>
<td> Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.27%</td>
<td>16,346.26</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.51%</td>
<td>5,214.08</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.85%</td>
<td>39,387.76</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.90%</td>
<td>2,073.63</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fund Strat&#8217;s Tom Lee sees the week&#8217;s market performance as positive. While noting that the S&amp;P 500 Index was up 1.7% so far this week on a &#8220;light macro&#8221; week, the market strategist said, &#8220;It's positive that markets drift higher on the absence of data.&#8221;
He also remarked about the outsized gains by small-cap stocks. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) has added 1.96% this week.
Fund Strat sees the upcoming April inflation data coming in line and highlighting the possibility that &#8220;auto insurance's disproportionate impact on CPI is ebbing.&#8221; The firm expects this to push higher the number of Fed cuts for the year, which is positive for stocks. &#8220;Bottom line, we are still &#8216;buy in May.&#8217; The fact that stocks rose this week is a positive signal,&#8221; it said.
Upcoming Economic Data:
<ul>
<li>Fed Governor Michelle Bowman is scheduled to speak at 9 a.m. EDT.</li>
<li>The University of Michigan will release its preliminary consumer sentiment index for May at 10 a.m. EDT. Economists expect the index to come in at 76, down from 77.2 in April. The report also has a few inflation expectations readings, which will likely clarify about the forward inflation outlook.</li>
<li>Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari are due to speak at 1 p.m. EDT.</li>
<li>Fed Vice Chair for Supervision Michael Barr will make a public appearance at 1:30 p.m. EDT.</li>
<li>The U.S. Treasury will release its monthly federal budget for April at 2 p.m. EDT, with the balance expected to turn to a surplus of $244.5 billion from a deficit of $235 billion in March.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li> Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) fell over 10% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results announcement.</li>
<li>Other stocks moving on earnings are Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) (over 3.50%), Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>) (down about 10.5%), Natera, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>) (up over 15%) and Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>) (down over 7%).</li>
<li>Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) climbed over 6% following the release of its preliminary first-quarter results.</li>
<li>Enbridge Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) and Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies due to release their quarterly results ahead of the market opening.</a></li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures rose for a third straight session and they were up about 0.72% to a little under $80 a barrel. Meanwhile, gold futures rallied over 1.75% to $2,382.15. The 10-year bond yield, which pulled back on Thursday in the wake of the jobless claims data, traded up 2 basis points to 4.451%.
The Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose over 3% and has topped $65,000.
The global equity markets were all in the green on Friday, tracking the buoyancy on Wall Street overnight. Asian stocks closed higher, led by the Hong Kong market, although the Malaysian markets ended marginally lower. The major European markets advanced in early trading, with the Euro STOXX 50 Index up 0.80%.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38746512/utilities-notch-7th-straight-session-of-gains-potential-derivative-play-to-the-ai-b">Utilities Notch 7th Straight Session Of Gains: &#8216;Potential Derivative Play To The AI Boom&#8217;</a>
Photo by Jirapong Manustrong on Shutterstock

US Stocks Set To End Week Strong With S&P 500 Eyeing Break Above Late-March Peak: Analyst Says He's Still A Buy In May Amid This Positive Signal

FINANCIAL&nbsp;OUTLOOK
The Company reaffirms its 2024 Base Business financial&nbsp;guidance&nbsp;for EBITDA and DCF. Results in the&nbsp;first quarter&nbsp;of 2024 are in line with the Company&#39;s expectations. Enbridge continues to anticipate strong asset utilization and operating performance in 2024 with normal course&nbsp; easonality, including Mainline volumes of approximately 3.0 million barrels per day on average for the year.

Enbridge Reaffirmed Its 2024 Full Guidance Of EBITDA Of C$16.6B-C$17.2B And DCF Per Share Of C$5.40-C$5.80

Enbridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) reported quarterly earnings of C$0.92 per share which beat the analyst consensus estimate of C$0.82 by 12.2 percent. This is a 8.24 percent increase over earnings of C$0.85 per share from the same period last year.

Earnings Beats

Enbridge Q1 2024 Adj EPS C$0.92 Beats C$0.82 Estimate

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects DNOW Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNOW#NYSE">DNOW</a>) to report quarterly earnings at 23 cents per share on revenue of $569.15 million before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. DNOW shares rose 0.9% to $15.00 in after-hours trading.</li>
<li>Array Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) reported stronger-than-expected financial results for the first quarter on Thursday. The company posted adjusted earnings of 6 cents per share, versus market expectations for a loss of 3 cents per share. Array Technologies shares 9.5% to $13.70 in the after-hours trading session.</li>
<li>Analysts are expecting Enbridge Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) to post quarterly earnings at 60 cents per share on revenue of $8.95 billion. The company will release earnings before the markets open. Enbridge shares gained 0.4% to $37.50 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Funko, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNKO#NASDAQ">FNKO</a>) reported better-than-expected first-quarter earnings and issued strong earnings forecast for the second quarter. The company also appointed Cynthia Williams as its Chief Executive Officer, effective May 20. Funko shares jumped 12.2% to $7.65 in the after-hours trading session.</li>
<li>Analysts expect Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) to post quarterly earnings at 54 cents per share on revenue of $943.44 million after the closing bell. Hawaiian Electric shares rose 1.7% to $10.41 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/05/38730657/jim-cramer-says-buy-this-tech-stock-right-here-likes-cognex">Jim Cramer Says Buy This Tech Stock Right Here, Likes Cognex</a>

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, but the index remained in the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jones index recording gains for the seventh straight session.
Roblox Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) posted better-than-expected first-quarter financial results, but issued weak guidance. Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) shares dipped around 7% on Thursday after the company reported first-quarter financial results.
On the economic data front, U.S. initial jobless claims increased by 22,000 to 231,000 on the week ending May 4, higher than market estimates of 210,000.
Most sectors on the S&amp;P 500 closed on a positive note, with utilities, real estate and energy stocks recording the biggest gains on Thursday. However, information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 331 points to 39,387.76 on Thursday. The S&amp;P 500 rose 0.51% at 5,214.08, while the Nasdaq Composite rose 0.27% at 16,346.26 during Thursday's session.
Investors are awaiting earnings results from Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>), Enbridge Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>), and DNOW Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNOW#NYSE">DNOW</a>) today.
At a current reading of 44.1, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 42.8.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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The Biden administration&nbsp;has reportedly&nbsp;urged a U.S. appeals court to tell a lower court to rethink the order that required&nbsp;Enbridge Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) to drain portions of an oil pipeline that runs through Native American tribal land in Wisconsin.
In a brief dated April 8, the U.S. Department of Justice (DOJ) told the Chicago-based 7th U.S. Circuit Court of Appeals that forcing Enbridge to drain portions of its Line 5 pipeline can interrupt service in violation of a 1977 treaty between the U.S. and Canada to keep oil flowing, reported Reuters.
The 71-year-old pipeline carries 540,000 barrels of mostly Canadian oil per day from Wisconsin to Ontario and is part of the wider Mainline network, the report reads.
The U.S., which is not a party to the case, reportedly stated that the lower court was right to find Enbridge is trespassing on the tribal land and said the court should reconsider its decision ordering Enbridge to stop operating portions of the pipeline by 2026.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37940984/enbridge-forms-powerhouse-jv-for-permian-basin-gas-pipeline-expansion-details" rel="noreferrer noopener">Enbridge Forms Powerhouse JV For Permian Basin Gas Pipeline Expansion: Details</a>
Canada, which is also not a party to the case, had earlier argued to keep the company&#8217;s pipeline open due to the treaty.
Notably, the lawsuit was filed in 2019 against Enbridge by the Native American tribe, the Bad River Band of Lake Superior Chippewa, who said the tribe is &#8220;grateful the U.S. agrees Enbridge is operating on tribal land unlawfully,&#8221; but is &#8220;disappointed that the U.S. has not unequivocally called for an immediate end to Enbridge&#8217;s ongoing trespass.&#8221;
An Enbridge spokesperson argued that closing the pipeline would not be in the public interest, and they continue to seek a solution that would not disrupt the flow of oil.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37842870/enbridge-doubles-down-on-gray-oak-pipeline-expansion-in-texas-report" rel="noreferrer noopener">Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report</a>
The company has offered the Band $80 million to settle the dispute.
Last year, U.S. District Judge William Conley in Madison ordered Enbridge to pay the tribe nearly $5.2 million for trespassing, plus a portion of its profits.
In its amicus brief, DOJ also said $5.2 million in restitution is too low, given Enbridge&#8217;s profits from the pipeline.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38107364/us-regulators-gives-green-light-for-enbridges-louisiana-venice-pipeline-report" rel="noreferrer noopener">US Regulators Gives Green Light for Enbridge&#8217;s Louisiana Venice Pipeline: Report</a>
Price Action: ENB shares are up 0.20% at $34.61 premarket on the last check Thursday.&nbsp;

Enbridge Inc.&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) Texas Eastern Transmission subsidiary reportedly received approval from the U.S. Federal Energy Regulatory Commission (FERC) to start a natural gas pipeline service related to its Venice extension project in Louisiana.
The U.S. Energy Information Administration (EIA) said that the Venice extension would have a capacity of around 1.3 billion cubic feet per day (bcfd) and cost about $500 million, reported Reuters.
The 3-mile (4.8-kilometer), 36-inch (91.4-centimer) Venice extension is meant for supplying gas to Venture Global LNG&#8217;s Plaquemines liquefied natural gas (LNG) export plant.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37842870/enbridge-doubles-down-on-gray-oak-pipeline-expansion-in-texas-report" rel="noreferrer noopener">Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report</a>
As per the report, the project is under construction and expected to enter service between 2024 and 2026.
Last month, Enbridge joined forces with WhiteWater/I Squared Capital and MPLX to enhance natural gas infrastructure linking&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37940984/enbridge-forms-powerhouse-jv-for-permian-basin-gas-pipeline-expansion-details" rel="noreferrer noopener">the Permian Basin to LNG and USGC</a>.
Price Action: ENB shares are up 0.14% at $35.69 premarket on the last check Friday.

US Regulators Gives Green Light for Enbridge's Louisiana Venice Pipeline: Report

Enbridge Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) penned a definitive deal with&nbsp;WhiteWater/I Squared Capital&nbsp;and&nbsp;MPLX LP&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>)&nbsp;to form a joint venture to construct and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/n37929650/enbridge-to-enter-into-jv-connecting-permian-basin-natural-gas-supply-to-growing-lng-and-usgc-dema" rel="noreferrer noopener">LNG and U.S. Gulf Coast (USGC) demand</a>.
The joint venture, which will be owned by WhiteWater/I Squared (50.6%), MPLX (30.4%), and Enbridge (19.0%), includes a 100% stake in Whistler pipeline, Rio Bravo pipeline project, 70% interest in ADCC pipeline and 50% interest in Waha Gas Storage assets.
Around 98% of capacity is contracted under long-term, with an average contract length of over ten years, and about 90% of counterparties are investment grade and include leading operators in the Permian Basin.
The deal is expected to be immediately accretive to Enbridge&#8217;s DCF per share, with ~90% contracted cash flows.
The joint venture is projected to optimize its balance sheet by boosting EBITDA and reducing Enbridge&#8217;s share of future Rio Bravo pipeline project capex proportional to its economic interest.
The transaction is projected to close in the second quarter of 2024, subject to receipt of required regulatory approvals and other customary closing conditions.
Poat deal-closure, Enbridge will contribute its wholly-owned Rio Bravo pipeline project and ~$350 million in cash to the joint venture and will fund the first ~$150 million of the post-closing capital expenditure to complete the Rio Bravo pipeline project.&nbsp;
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37040342/pipeline-giant-enbridge-backs-2024-guidance-post-q4-results-details" rel="noreferrer noopener">Pipeline Giant Enbridge Backs 2024 Guidance Post Q4 Results: Details</a>
Enbridge will get a 19% equity stake in the joint venture and retain a 25% economic interest in the Rio Bravo pipeline project, subject to certain redemption rights of the joint venture partners.
&#8220;Acquiring a meaningful equity interest in an integrated Permian natural gas pipeline and storage network that is directly connected to our existing infrastructure at Agua Dulce through this JV with WhiteWater/I Squared and MPLX is very exciting,&#8221; commented Cynthia Hansen, EVP and President, Gas Transmission and Midstream of Enbridge.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37842870/enbridge-doubles-down-on-gray-oak-pipeline-expansion-in-texas-report" rel="noreferrer noopener">Enbridge Doubles Down On Gray Oak Pipeline Expansion In Texas: Report</a>
Price Action: ENB shares are down 0.43% at $35.78 on the last check Tuesday.
Photo via Shutterstock

Enbridge Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) reportedly plans to expand Gray Oak oil pipeline capacity by 80,000 barrels per day (bpd) in 2024 and expects to add another 40,000 bpd in 2025.
The company had initially planned to add 200,000 bpd to the Texas pipeline but revised the target downward to 100,000 bpd-200,000 bpd in February, as per Reuters.
The Gray Oak pipeline runs on the Gulf Coast between the Permian basin in West Texas and Corpus Christi, Texas.&nbsp;
Notably, as per the report, Enbridge&#8217;s Ingleside Energy Center is the largest crude oil storage and export terminal by volume in the U.S.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/02/36935608/enbridges-once-in-a-generation-opportunity-triggers-golden-cross-ahead-of-q4-earnings" rel="noreferrer noopener">Enbridge&#8217;s &#8216;Once-In-A-Generation Opportunity&#8217; Triggers Golden Cross Ahead Of Q4 Earnings</a>
The report quoted Colin Gruending, an executive vice president, as saying, &#8220;It&#8217;s certainly a competitor for Corpus. But given the advantages of our terminal at Corpus, we are confident Ingleside can compete well against SPOT.&#8221;&nbsp;
Last month, Enbridge reported&nbsp;fourth-quarter FY23 adjusted EPS at C$0.64, driven by increased contributions&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37040342/pipeline-giant-enbridge-backs-2024-guidance-post-q4-results-details" rel="noreferrer noopener">from various segments</a>.&nbsp;
In its quarterly report, the company&nbsp;reaffirmed its 2024 financial guidance for EBITDA at C$16.6 billion-C$17.2 billion and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">DCF per share at C$5.40-C$5.80.</a>
Price Action: ENB shares closed higher by 0.65% at $35.75 on Tuesday.

RBC Capital analyst Maurice Choy reiterates Enbridge (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ENB#TSX">ENB</a>) with a Outperform and maintains C$54 price target.

Price Target

Reiteration

Analyst Ratings

TSX:ENB

RBC Capital Reiterates Outperform on Enbridge, Maintains C$54 Price Target

Jim Cramer, CNBC&#8217;s market commentator, has identified companies and sectors that are likely to benefit from the wave of artificial intelligence (AI).
What Happened: Cramer believes AI will be crucial to significant market rallies in the coming years. &#8220;This technological revolution is crossing all barriers, even potentially becoming the heart of our national security apparatus,&#8221; Cramer said. He suggested that AI could be the key to substantial financial gains over the next half-decade, CNBC <a href="https://www.cnbc.com/2024/03/06/jim-cramer-names-companies-and-sectors-poised-to-rally-on-the-ai-wave.html">reported</a> on Wednesday.
Companies like NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which produces graphics chips vital for generative AI, have seen significant growth recently. Cramer highlighted that the computing power required for AI-enabled machines is at the core of the current re-industrial revolution and will boost stocks from various sectors.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37477573/crypto-analyst-sees-dogecoin-reaching-half-a-dollar-soon-says-doge-has-plenty-more-left-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Analyst Sees Dogecoin Reaching Half A Dollar Soon, Says &#8216;DOGE Has Plenty More Left In The Tank&#8217;</a>
According to Cramer, the construction required for new data centers is one reason why stocks like Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) are performing well. Power management company Eaton Corporation PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>) and Vertiv Holdings Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>), which manages wiring in data centers, are also seeing gains due to increased demand.
Cramer also identified companies like Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) and ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), which manage and parse data, as potential beneficiaries of the AI wave. He also pointed out the importance of sustainable power generation utilities like Constellation Energy Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) and natural gas companies like Enbridge Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) in this new tech era.
&#8220;The AI revolution is already producing some of the most investible themes of all time,&#8221; Cramer concluded.
Why It Matters: Cramer&#8217;s forecast comes as AI stocks have been experiencing a boom, with companies like <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37457654/super-micro-computer-joins-s-p-500-index-an-ai-winner-at-premium-valuation-analyst-">Super Micro Computer</a> joining the S&amp;P 500 Index. 
However, Cramer has also expressed caution about <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37473688/super-micro-computer-has-gotten-too-hot-says-jim-cramer-after-stock-rallied-over-27">certain AI stocks</a>, such as Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), which he believes has &#8220;gotten too hot&#8221;. 
He earlier suggested <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37476633/jim-cramer-picks-these-4-stocks-as-better-ai-investments-alongside-nvidia-skips-sup">alternative AI investments</a> such as Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Cadence Design Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>). 
Meanwhile, Harvard economist Ken Rogoff has warned of a potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37475141/harvards-rogoff-sounds-alarm-on-ai-stock-boom-cites-big-tech-less-likely-to-face-an">AI stock bubble</a>, citing the expectation of AI remaining unregulated as a potential risk.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37447110/from-crypto-tech-debates-to-dogwifhat-love-raoul-pal-embraces-alt-season-dominated-by-dog-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">From Crypto Tech Debates To Dogwifhat Love: Raoul Pal Embraces &#8216;Alt Season&#8217; Dominated By Dog With A Hat: &#8216;Leave Your Brain Behind And Enjoy&#8217;</a>
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Beyond Nvidia, Jim Cramer Identifies Companies And Sectors Set To Surge Amid AI Wave: 'This Technological Revolution Is Crossing All Barriers'

Enbridge CEO Expects To Reroute Line 5 Pipeline Around Bad River Reservation By June 2026

Enbridge Mainline Not Going To Lose Large Oil Volume To Trans Mountain Expansion; Expects 4.5 BCFD Gas Production Growth In Western Canada Through 2040; CEO Says Not Considering Spinoffs Of Businesses, Optimistic Company Can Add Pipeline Capacity To Meet Canada Oil Growth Without Large Capital Spending

Enbridge Sees Western Canada Oil Supply Growing By 500,000 Bpd Through 2025; Sees Western Canada Pipeline Utilization Reaching 99% By 2026 CEO Sees Company Focusing On Small Tuck-in Acquisitions This Year, Not Bigger Deals

Enbridge Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ENB#TSX">ENB</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) (Enbridge or the Company) announced today that the Canada Energy Regulator (CER) has approved the Mainline Tolling negotiated settlement effective until December 31, 2028. The settlement sets tariffs for crude oil and liquids shipments that start in Western Canada and are delivered across Canada and North America.
"We're pleased that the CER approved the settlement and believe it creates value for all. Our customers will continue to receive competitive and responsive service; Enbridge will earn attractive risk-adjusted returns; and the Mainline will continue to feed&nbsp;North America&nbsp;and global markets with a long-term source of safe, secure, and affordable energy," said Colin Gruending, President, Liquids Pipelines. "The settlement received unanimous approval from industry, and we are grateful for our collaborative customer relationships."
The CER determined that the Settlement is consistent with the revised guidelines for negotiated settlements. The new tolls were in effect on an interim basis on July 1, 2023, and the overall agreement is retroactively effective back to July 1, 2021.
More details of the MTS filings are available&nbsp;on the CER website: <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4105260-1&amp;h=1663192678&amp;u=https%3A%2F%2Fapps.cer-rec.gc.ca%2FREGDOCS%2FItem%2FView%2F4425785&amp;a=Mainline+Tolling+Agreement">Mainline Tolling Agreement</a>

Global

Enbridge Receives Canada Energy Regulator Approval For Mainline Tolling Settlement Effective Until December 31, 2028

RBC Capital analyst Maurice Choy maintains Enbridge (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ENB#TSX">ENB</a>) with a Outperform and lowers the price target from C$55 to C$54.

RBC Capital Maintains Outperform on Enbridge, Lowers Price Target to C$54

Enbridge Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) reported a fourth-quarter FY23 adjusted EPS of C$0.64,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/n37031030/enbridge-reports-record-2023-financial-results-reaffirms-2024-financial-guidance-and-advances-stra" rel="noreferrer noopener">higher than C$0.63 a year ago</a>.
Adjusted EBITDA rose to C$4.11 billion from C$3.91 billion a year ago. This was led by higher Mainline volumes, increased contributions from the Midcontinent and Gulf Coast segment, higher Canadian utility rates and customer base, the expiration of certain transportation commitments in the Energy Services business, and favorable USD/CAD hedge settlement rates.&nbsp;
Liquids Pipelines adjusted EBITDA increased to C$2.39 billion from C$2.33 billion a year ago on higher contributions from the Gulf Coast and Mid-Continent System, Southern Lights revenue from uncommitted volumes, and increased Mainline System throughput.
Gas Transmission and Midstream adjusted EBITDA decreased to C$1.08 billion from C$1.12 billion the prior year.&nbsp;
Gas Distribution And Storage adjusted EBITDA rose to C$519 million from C$467 million a year ago. Renewable Power Generation adjusted EBITDA stood at C$141 million vs. C$122 million the prior year.
Distributable cash flow stood at C$2.73 billion vs. C$2.66 billion in the prior year.
Dividend: The company raised the 2024 quarterly dividend by 3.1% to C$0.915 (C$3.66 annualized) per share, reflecting the 29th consecutive annual increase.
In the quarter, Enbridge announced the sale of it&#8217;s 50% stake in Alliance Pipeline (Alliance) and its 42.7% interest in Aux Sable to Pembina Pipeline Corporation for C$3.1 billion.
FY24 Outlook&nbsp;<a target="_blank" href="https://www.enbridge.com/media-center/news/details?id=123791&amp;lang=en" rel="noreferrer noopener">Reiterated</a>: ENB reaffirmed its 2024 financial guidance for EBITDA and DCF. In November, Enbridge provided 2024 guidance on its base business of EBITDA of C$16.6 billion-C$17.2 billion and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">DCF per share of C$5.40-C$5.80.</a>
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/02/36935608/enbridges-once-in-a-generation-opportunity-triggers-golden-cross-ahead-of-q4-earnings" rel="noreferrer noopener">Enbridge&#8217;s &#8216;Once-In-A-Generation Opportunity&#8217; Triggers Golden Cross Ahead Of Q4 Earnings</a>
Price Action: ENB shares are trading lower by 0.99% at $34.01 on the last check Friday.

Enbridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) reported quarterly adjsuted earnings of $0.47 per share which missed the analyst consensus estimate of $0.50 by 6 percent. This is unchanged from the same period last year.

Enbridge Q4 Adj. EPS $0.47 Misses $0.50 Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; TELUS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TU#NYSE">TU</a>) is expected to report quarterly earnings at $0.23 per share on revenue of $5.24 billion.
&bull; Canopy Gwth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) is likely to report quarterly loss at $0.37 per share on revenue of $55.44 million.
&bull; Fortis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTS#NYSE">FTS</a>) is expected to report quarterly earnings at $0.53 per share on revenue of $2.39 billion.
&bull; AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) is expected to report quarterly earnings at $0.23 per share on revenue of $5.25 billion.
&bull; Enbridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>) is expected to report quarterly earnings at $0.50 per share on revenue of $9.88 billion.
&bull; TELUS Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIXT#NYSE">TIXT</a>) is projected to report quarterly earnings at $0.35 per share on revenue of $932.03 million.
&bull; Listed Funds Trust Roundhill Cannabis ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/WEED#BATS">WEED</a>) is likely to report quarterly loss at $0.49 per share on revenue of $74.78 million.
&bull; Motorcar Parts of America (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPAA#NASDAQ">MPAA</a>) is likely to report quarterly earnings at $0.08 per share on revenue of $182.20 million.
&bull; W.P. Carey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPC#NYSE">WPC</a>) is expected to report earnings for its fourth quarter.
&bull; Construction Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROAD#NASDAQ">ROAD</a>) is estimated to report quarterly earnings at $0.13 per share on revenue of $394.48 million.
&bull; Plains GP Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAGP#NASDAQ">PAGP</a>) is estimated to report quarterly earnings at $0.35 per share on revenue of $11.91 billion.
&bull; Mr. Cooper Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COOP#NASDAQ">COOP</a>) is expected to report quarterly earnings at $1.33 per share on revenue of $416.70 million.
&bull; PepsiCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) is likely to report quarterly earnings at $1.72 per share on revenue of $28.40 billion.
&bull; MISTRAS Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MG#NYSE">MG</a>) is expected to report quarterly earnings at $1.99 per share on revenue of $13.97 billion.
&bull; Magna International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) is projected to report quarterly earnings at $1.48 per share on revenue of $10.41 billion.
&bull; Blue Owl Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWL#NYSE">OWL</a>) is estimated to report quarterly earnings at $0.17 per share on revenue of $428.71 million.
&bull; Catalent (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTLT#NYSE">CTLT</a>) is likely to report quarterly loss at $0.02 per share on revenue of $1.01 billion.
&bull; Embecta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMBC#NASDAQ">EMBC</a>) is likely to report quarterly earnings at $0.45 per share on revenue of $264.91 million.
&bull; Plains All American (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAA#NASDAQ">PAA</a>) is estimated to report quarterly earnings at $0.36 per share on revenue of $12.64 billion.
&bull; AMC Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMCX#NASDAQ">AMCX</a>) is projected to report quarterly earnings at $0.89 per share on revenue of $676.01 million.
&bull; Newell Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>) is estimated to report quarterly earnings at $0.17 per share on revenue of $1.98 billion.
&bull; Essent Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESNT#NYSE">ESNT</a>) is expected to report quarterly earnings at $1.59 per share on revenue of $286.18 million.
&bull; Proto Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRLB#NYSE">PRLB</a>) is likely to report quarterly earnings at $0.30 per share on revenue of $122.72 million.
<h3>Companies Reporting After The Bell</h3>
&bull; Amtech Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASYS#NASDAQ">ASYS</a>) is projected to report earnings for its first quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

AMCX

ASYS

COOP

CTLT

EMBC

ESNT

MPAA

PAGP

PRLB

ROAD

TIXT

WEED

Earnings Scheduled For February 9, 2024

In a report released today, Robert Catellier from CIBC maintained a Buy rating on Enbridge (ENB – Research Report), with a price target of C$57.00....

Enbridge (ENB) Receives a Buy from CIBC

Enbridge: Buying More Of This 7%-Yielding Aristocrat For My Portfolio

Analysts have been eager to weigh in on the Energy sector with new ratings on Baytex Energy (BTE – Research Report), Enbridge (ENB – Research Repor...

Analysts Offer Insights on Energy Companies: Baytex Energy (BTE), Enbridge (ENB) and Journey Energy (OtherJRNGF)

There's a lot to be optimistic about in the Energy sector as 2 analysts just weighed in on ARC Resources (AETUF – Research Report) and Enbridge (EN...

Wall Street Analysts Are Bullish on Top Energy Picks

My Dividend Stock Portfolio: New April Dividend Record - 101 Holdings With 22 Buys

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
People generally have very split opinions on the oil &amp; gas sector. This is for various reasons. But one key argument devolves into whether or not there is going to be a downturn in this space.



Now, I&rsquo;m not going to suggest that all oil and gas companies can&rsquo;t move independently, and that these company simply follow trends in the commodities market. There are many oil and gas companies (or companies that are closely tied to that industry) that have been delivering very solid gains decade after decade, and will likely continue to do exactly that going into the future. These stalwarts have weathered countless storms and emerged stronger.



Even if you&rsquo;re not an income investor, owning some of these stocks is a good idea, for those looking to add a buffer to your portfolio and let these positions compound over the years. A well-diversified portfolio should have exposure to various sectors. And these oil &amp; gas <a href="https://investorplace.com/stock-types/dividend-stocks/">dividend stocks</a> can provide a steady stream of income while also offering the potential for capital appreciation. Let&rsquo;s take a look!



<h2>Marathon Petroleum (MPC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/oil1600f-300x169.jpg" alt="oil stocks: stacks of oil barrels"><div>Source: Shutterstock</div></div>Marathon Petroleum&rsquo;s&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/mpc-stock-quote/">MPC</a>) stock has been running a marathon for as far as you can zoom back. This company has a solid management team and fundamentals to boot. So, I won&rsquo;t be surprised if the stock continues to rally.



With&nbsp;<a href="https://www.eia.gov/outlooks/steo/report/global_oil.php" target="_blank">global oil demand poised for continued growth</a>, Marathon seems well-positioned to benefit from these tailwinds. Management is expressing confidence that limited supply from a lack of new refineries being built will lead to a stronger-than-usual market.



Importantly, U.S. refineries are at an advantage. That&rsquo;s because they are closer to where lower-cost crude oil and natural gas are extracted. Marathon is reinforcing this competitive edge by&nbsp;<a href="https://seekingalpha.com/article/4687645-marathon-petroleum-corporation-mpc-q1-2024-earnings-call-transcript" target="_blank">investing $1.3 billion</a>&nbsp;in big, highly-profitable projects at their most earning-heavy facilities in Q1. The company&rsquo;s cash flow is excellent and can support more investment down the line.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-35-1.png"><img width="1226" height="790" src="https://investorplace.com/wp-content/uploads/2024/05/chart-35-1.png" alt="cash flow MPC."> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>Work to upgrade some plants did hold back profits somewhat for now. But with that maintenance complete, Marathon is ready to meet rising needs for gasoline and other fuels as summer approaches. Marathon is doubling down too, announcing plans to buy back even more of their&nbsp;own&nbsp;stock to return value to shareholders alongside their steady dividend payments. If industry conditions continue improving as they expect, following a smart capital allocation strategy could serve the company well as the energy business evolves. The company&rsquo;s dividend yield currently sits at 1.86%. However, its big buybacks make MPC stock a solid long-term bet.



<h2>Enbridge (ENB)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/11/enb-stock-300x169.jpg" alt="Enbridge (ENB) sign on the head Enbridge office in Toronto, Canada."><div>Source: JHVEPhoto / Shutterstock.com</div></div>Enbridge&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/enb-stock-quote/">ENB</a>) may not be the biggest gainer in this sector. However, its dividend is one of the best in the market right now. Once rate cuts kick in, that 7% yield is going to be far too juicy for Wall Street to ignore.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-36-1.png"><img width="1200" height="628" src="https://investorplace.com/wp-content/uploads/2024/05/chart-36-1.png" alt="ENB dividends per share."> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>Enbridge hasn&rsquo;t had the best start to the year though. That&rsquo;s despite the company&rsquo;s&nbsp;<a href="https://www.enbridge.com/~/media/Enb/Documents/Investor-Relations/2024/2024_Q1_Earnings_Presentation_Final.pdf?rev=23874cd3b0ee493bad1384f1e017c14a&amp;hash=2710819306A793701F597EDE0CF104C7" target="_blank">adjusted EBITDA increasing 11%</a>&nbsp;compared to&nbsp;the same period&nbsp;last year. Additionally, Enbridge&rsquo;s earnings per share of 67 cents also trounced estimates by 8 cents. However,&nbsp;<a href="https://www.msn.com/en-us/money/markets/enb-stock-earnings-enbridge-beats-eps-misses-revenue-for-q1-2024/ar-BB1maqZj" target="_blank">sales fell to $8.2 billion</a>, which missed by around $862 million. I&rsquo;m surprised by how well this stock has held up despite the miss.



Regardless, this proves to me that the market sees ENB stock as a long-term dividend play, and it&nbsp;clearly&nbsp;has a lot of support at its current price.



<h2>Phillips 66 (PSX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/10/psx-stock-300x169.jpg" alt="Phillips 66 gas station in the daytime"><div>Source: Jonathan Weiss / Shutterstock.com</div></div>Phillips 66&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/psx-stock-quote/">PSX</a>)&nbsp;posted <a href="https://seekingalpha.com/article/4686865-phillips-66-2024-q1-results-earnings-call-presentation" target="_blank">&ldquo;meh&rdquo; results in Q1</a>&nbsp;as well. While their crude oil processing rates continued to outperform averages across the industry for the fifth consecutive quarter, earnings took a hit due to scheduled maintenance work that limited the production of higher-value products. The ongoing conversion of their Rodeo facility to produce renewable fuels as well as rising costs of commodities that are part of inventory hedging strategies also presented challenges.



But the real story worth paying attention to is the strategic strides they are making. The company&rsquo;s Rodeo Renewable Energy Complex is now generating 30,000 barrels per day of renewable fuels. It&rsquo;s right on track to reach full capacity of 50,000 barrels next quarter.



Most impressively, Phillips 66 continues to be an absolute champion at returning cash to shareholders. The company has distributed almost $10 billion to investors since mid-2022 alone. Phillips 66 also just increased their quarterly dividend by 10%, amounting to a compounded annual growth rate (CAGR) of 16% since 2012. With over $560 million in cost reductions achieved so far and projected EBITDA of $3.6 billion from midstream operations, the potential for further sizable returns of capital to shareholders looks very compelling. There is plenty of upside from here.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-37-1.png"><img width="1226" height="455" src="https://investorplace.com/wp-content/uploads/2024/05/chart-37-1.png" alt="PSX price targets"> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>It&rsquo;s also worth noting that PSX stock carries a 3.2% dividend yield, which is also pretty reasonable.



On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines.</a>
<div>Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on <a href="https://www.linkedin.com/in/omor-ibne-ehsan-56068022b/">LinkedIn</a>.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/3-oil-gas-dividend-stocks-to-own-for-a-lifetime-of-income/">3 Oil &amp; Gas Dividend Stocks to Own for a Lifetime of Income</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Oil & Gas Dividend Stocks to Own for a Lifetime of Income

Why The Meme Stock Craze Is Bad News For Dividend Stocks

Retirement Dividend Portfolio: Add These 5 High Yields To VYM

Very Good News For Utilities And Renewable Power Stocks

Enbridge files for potential C$2.75B equity raise to help fund Dominion acquisitions

AAPL

ABBV

AETUF

AGNC

ALIZF

APLE

ARCC

AVGO

BABA

BASFY

BAYZF

BEPC

BMWYY

BXSL

CBAUF

CSCO

CSWC

CWEN

ETRN

FSNUF

GAIN

GILD

GLAD

GOOD

GSBD

HTGC

INTC

JRNGF

MAIN

MFIC

MSFT

NEWT

OBDC

RDDT

RITM

SCHD

SEMHF

SHEL

STAG

STWD

UNIT

VONOY

Press Releases

Gray Oak Pipeline LLC Announces Binding Open Season

Enbridge Publishes 23rd Annual Sustainability Report

Enbridge Reports Record First Quarter 2024 Financial Results, Reaffirms Financial Guidance and Advances Strategic Priorities

Fécamp, France's First Offshore Wind Farm in Normandy, is Now Fully Operational

Offerings

Enbridge Files Prospectus Supplements to Enable an At-the-Market Equity Issuance Funding Option for its Acquisitions


Thomas R. CarperSenate (D-DE)	$1K - $15K	Purchase	Apr 30, 2024	Apr 11, 2024	Senate
Shelley Moore CapitoSenate (R-WV)	$1K - $15K	Sale	Feb 14, 2024	Jan 19, 2024	Senate
Mark GreenHouse (R-TN)	$100K - $250K	Sale	Sep 30, 2021	Sep 24, 2021	House
Mark GreenHouse (R-TN)	$100K - $250K	Purchase	Sep 23, 2021	Sep 02, 2021	House

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Government Trades

Enbridge Inc

top performing ENB trades