RY 174.39 2.4016% SHOP 149.115 2.5974% TD-PFM 24.63 -0.0811% TD-PFL 24.7 0.2028% TD 78.325 0.1214% ENB 60.6 1.3039% BN 80.4 1.9787% TRI 226.27 0.7525% CNQ 48.285 2.2771% CP 104.53 1.6038% CNR 151.74 1.5459% BMO 132.69 0.9203% BNS 78.845 0.1715% CSU 4600.2002 2.157% CM 91.15 0.474% MFC 45.79 1.6878% ATD 78.38 1.5285% NGT 60.14 0.0499% TRP 70.15 1.977% SU 57.44 0.5954%
Oil and Gas Stocks
Timing Enbridge Stock: Is It Too Late to Buy?
Enbridge (TSX:ENB) has experienced a notable uptick, rising approximately 14% since early October 2023. With the current share price hovering around $49, investors are contemplating whether ENB stock remains undervalued and suitable for inclusion in a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio, particularly for those focused on passive income or total returns.
The stock's journey saw a decline from its 2022 peak of $59, coinciding with a series of interest rate hikes by the Bank of Canada and the U.S. Federal Reserve to curb inflation. Rising interest rates led to concerns about increased borrowing costs impacting Enbridge's profits, as the company relies on debt for funding growth initiatives.
However, the decline in share price might have been excessive, considering Enbridge's robust performance in 2023. Management anticipates a 3% growth in distributable cash flow (DCF) in 2024, excluding potential benefits from upcoming acquisitions. Enbridge is set to acquire three U.S. natural gas utilities for a total of US$14 billion, which is expected to positively impact revenue and cash flow.
Additionally, the company added $7 billion in new projects to its capital program in 2023, increasing the backlog to $25 billion. As these projects come online, there is a potential for a boost in cash flow, supporting the dividend.
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