Enbridge (ENB.TO)

ENB vs. TC He owns ENB which he has picked before. Hold onto it for a long time and collect the dividend. It's worked through its capex issues. TC has a similar story with cash flow growth, a strong dividend yield and a multiple expansion to come. Infrastructure assets like this are hard to find. Both have stable yields. You can own either.

ENB vs TRP? He does not own any pipeline companies presently. He thinks the dividends of both are safe. He would likely favour buying ENB as they have had more of a retracement in share price. There are still regulatory approvals that are required and the investor space is not looking favorably in this market.

If he was just interested in income, he'd pick IPL. But he's interested in total return, so he owns Enbridge. Both good companies, but concern with IPL was no capital appreciation. Enbridge has continued to grow dividend at 10%. IPL has a huge capital project on the go, which diverts cash from dividend increases and share buybacks. Enbridge getting Line 3 replacement in place would derisk the story. The dividend would then creep down to 5%, which implies a stock price north of $60. (Analysts’ price target is $56.00)

ENB vs IPL? A classic case, where he prefers ENB (due to its growth profile). Getting a higher yield on IPL will be overshadowed by a higher capital return on ENB. He owns ENB.