Politics · Stock New
Enbridge (TSX: ENB) continues to be one of the preferred Canadian stocks for investors seeking reliable dividends. The recent appointment of Michele Harradence as the new president and CEO, following Greg Ebel’s retirement at the end of 2026, marks a continuity in leadership. Harradence has been leading Enbridge’s gas distribution and storage business since 2022, demonstrating familiarity with core operations that will drive future growth.
Her experience includes overseeing the integration of U.S. utility businesses from Dominion Energy, expanding Enbridge’s gas utility platform across Canada and the U.S. Previously, she served as senior vice-president and chief operations officer in the gas transmission and midstream business in Houston. Harradence joined Enbridge in 2014 after a career at Shell Canada.
This leadership transition comes amid recent stock pressure, despite strong income appeal. ENB stock traded near $70 per share with a market cap of $152 billion, offering a 5.6% annualized dividend yield. While shares fell 10% over the last three months, they rose 4% over the past year.
Enbridge’s growth outlook remains positive, with nearly $4.8 billion in adjusted EBITDA in Q2, up 3% YoY, supported by rate cases and higher revenue. Cash from operations jumped 27% YoY to $4.1 billion, enabling substantial investment in expansion. Harradence will oversee a $41 billion growth backlog and annual investment capacity of $10 billion to $11 billion.
Recent acquisitions, such as Salt Creek Midstream’s crude gathering business for $600 million, and a joint venture with KKR and Apollo for Aspen Point and Sunrise pipeline expansions, highlight Enbridge’s strategic growth initiatives. With a diversified business, strong project backlog, and a 5.6% dividend yield, Enbridge presents a compelling blend of income stability and long-term growth potential.
Source: The Motley Fool Canada
