Tuesday, December 6, 2022

Dividend Increase - Enbridge Inc. (ENB)



Wednesday, November 30th the Board of Directors of Enbridge Inc. (ENB) announced a quarterly dividend increase of from C$ 0.86 to C$ 0.8875 per share that’s payable March 1, 2023 to holders of record February 15, 2023. This represents a 3.2% increase over the last quarterly dividend.


Commenting on the Company's outlook, Al Monaco, President and CEO of Enbridge, noted among others the following:

“Consistent with our continued positive outlook for our business, we're pleased to increase our dividend by over 3%, marking our 28th consecutive annual increase since 1995. Continuing this track record is consistent with our value proposition and objective of growing dividends ratably, while remaining well within our payout range of 60-70% of DCF”


With current price C$ 54.26 (yesterday's close), this raise brings their dividend yield to 6.54%.


Enbridge is a member of Canadian Dividend All Star List with a 27 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 3.1, 7.6, 9.5 and 13.0 (Canadian Dividend All-Star List)



Since I own 195 shares of ENB, this will increase my portfolio's projected annual net dividend income by $11.91.


I was expecting a slightly higher increase, about 5%, but I can live with this as well.


This is the sixth dividend increase I received from ENB since initiating a position in May 2017. During this period, the quarterly dividend has risen moderately from $0.61 to $0.8875, or 45.5%.


This increase raises my YOC to 7.70%.



Summary of 2022 Dividend Increases / Cuts



Click here to see my portfolio holdings.


You can follow the development of my dividends here.


Full Disclosure: Long ENB


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