Wednesday, November 29, 2023

Dividend Increase - Enbridge Inc. (ENB)


Today, November 30th the Board of Directors of Enbridge Inc. (ENB) announced a quarterly dividend increase of from C$ 0.8875 to C$ 0.915 per share that’s payable March 1, 2024 to holders of record February 15, 2024. This represents a 3.1% increase over the last quarterly dividend.

Greg Ebel, President and CEO of Enbridge, noted the following; "Growing our dividend remains an important component of our investor value proposition. We are pleased to announce that Enbridge is increasing its dividend by 3% marking our 29th consecutive annual increase. We remain committed to annual dividend growth consistent with our medium-term distributable cash flow outlook and keeping our dividend payout ratio within 60-70% of DCF.”

With current price C$46.74 (today's open), this raise brings their dividend yield to 7.83%.

Enbridge is a member of Canadian Dividend All Star List with a 29 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 3.0, 5.2, 7.3 and 11.8 (Canadian Dividend All-Star List)

Since I own 225 shares of ENB, this will increase my portfolio's projected annual net dividend income by $13.59.

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

This is the seventh 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 $0.915, or 50.0%.

This increase raises my YOC to 7.94%.

Summary of 2023 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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