Enbridge (ENB.TO)

Where will supply shift? This year, the Canadian E&Ps are outproducing all other international E&Ps, including Europe, US or Australia. He also bought ENB, which delivers the crude oil to the US. The US refiners have an insatiable need for Canadian oil. There's a 10% tariff on Canadian oil. Well, guess what--the Canadian oil companies are not eating the tariff, but rather the US refiners. If there's a shift in supply (given Mideast tensions), Canada will be able to supply that oil. US energy companies have a -12% earnings estimate this year vs. Canadian energy of only -0.20%

We now have a gateway to Asia. With tariffs, Canadian energy will not be welcome in the US. Integrated nature of its pipelines make it a long-term asset with growth capabilities that will reward shareholders well. Buy when it goes on sale, trim any gains. Good place to be, core holding for him.

Reasonable valuation. Doing exactly what they said they would. Lots of capex projects, small ones and larger ones, well diversified. Today announced asset sale, so proceeds can fund growth instead of having to issue equity. Yield is almost 6%, with growth.

A quality Canadian dividend payer. The risk in any dividend stock is that the dividend can become too large for the company to pay, so they cut it, like BCE just did. He prefers ZWU.

It has run up quite a bit and its value today is where it has peaked in the past. It has benefited from interest rate cuts and has exposure to natural gas and LNG.

Q1 EPS of $1.03 beat estimates of 96c; revenue of $18.5B beat estimates handily. EBITDA of $5.82B beat estimates by 4.9%. 2025 guidance was affirmed. It was a broad 'beat' across the board. EBITDA rose 18%. EPS rose 12%. Distributable cash rose 9.1%. We would consider the results very strong.
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Great income investment with its great dividend yield. Plans to expand main line and continue capex. Returning $$ to shareholders. Has become more US-based. Great story, continues to execute well, plans in place for future.

Canadian infrastructure name. She owns for income in client portfolios. Robust business model. Often has long-term, take-or-pay contracts; visible cashflow stream. Guided that it can grow EBITDA (cashflows) by single digits over next few years. She'd expect dividend increases to reflect that. 

Stock's pulled back with underlying commodity prices. Should have lower volatility than energy producers. Yield is ~6%.

It's hard for a non-expert to get a handle on how embedded energy infrastructure in NA really is. A lot of the oil coming from Canada into the US can't easily be replaced. Even if the US does produce a lot of oil itself, there are many factors to consider: where does it need to go, where does it need to be refined, and what grade is it. It's not like an on/off switch.

Largest oil pipeline operator in Canada. Pipelines are still the cheapest and fastest way to transport. Cheaper than rails. From what she understands, it doesn't seem that the pipelines themselves will be hit by tariffs. Recent move in the CAD would mitigate any tariff impact; even if not, the US depends on oil in this pipeline, so volume likely wouldn't be disrupted. Yield is 6%.

Oil price doing a bit better. Pipeline/utility mid-cap part of energy has done extremely well, holding up better than the producers. Great run second half last year, now sideways range. This is normal consolidation. Acting extremely well, very well supported, picking up within its current trading range.

Still sees strong growth ahead. Expanding in all its divisions. Doesn't see tariffs disrupting the US-Canada oil trade too much. Earnings growth targets are achievable. Still upside of 8-9% from here.

They transport 3 million barrels of oil from Canada into the US each day, a major reason why North America is self-sufficient. It pays a 6.3% yield. ENB is big beneficiary of Trump's oil/has de-regulation. They won't be hit by tariffs, because they don't produce or market oil, but transports it. 

Prefers TRP. Still, a mighty solid company and second-best of this peer group. This pullback is buyable. Yield is ~6.3%, growing at about a 3% over last 5 years (significant slowdown from a decade ago). Good line of sight to high single-digit total shareholder return. 

Not particularly cyclical or prone to fluctuating commodity prices; 90+% of business is rate-regulated and take-or-pay. Slowly greening the company.

The challenge with pipelines is they have run up recently and that has ended. Technical support is $50-55, so there's more downside to come. The federal election could change things.

The challenge with pipelines is they have run up recently and that has ended. Technical support is $50-55, so there's more downside to come. The federal election could change things.