Enbridge (ENB.TO)

Preferred series F. Likes the company. In the preferred share markets it is a solid P2. Have great capital plans. Have 12 or 14 issues in the preferred share market. Most of them are at a 4% coupon. This will come up for reset in 2018. The reset spread is 251 so at that time you will get either 5 year Canada +251 basis points or T-bills. Most likely it will be called in.

Preferred Y 4% Series 3. This is a rate reset and will go to reset in 2019 with a reset spread of 238 basis points. Trading a little over 4% currently with a 4.5% yield to reset.

(A Top Pick June 11/13. Up 22.46%.) This should be a core holding for most people. Had just gotten hit with all the interest sensitive ones in May so it was really on sale.

When he bought this last fall, it was trading at something like 21X earnings and is closer to 25 times right now. This tends to be the upper end of the range. He would be patient. Likes the fundamentals very much for the next 3-5 years. If you own, continue to Hold.

Likes it. He has not been buying recently because he would like to see a pullback. The keystone pipeline is dead until at least the next administration.

Enbridge (ENB-T) or Enbridge Income Fund (ENF-T) or both? He would be inclined to take this one, as opposed to the trust, because he would want to have growth going forward. For people who are living off their income, higher yields are attractive but if we get any inflation in the system it is great to have the growth to protect you. From a capital return perspective, if you have growth with a yield, you will outperform the yield itself.

There are better firms if you are looking for pipeline exposure. IPL, KEY, ALA are better choices. He has been selling ENB as it has been going up.

Too big for her. You get problems with the big headline projects because of environmentalists etc. She favours the smaller guys.

Steady dividend should continue. Of the $29 billion in projects, 18 come to fruition soon. A great long term buy.

Preferred Series F. 4%. (Top Pick Nov 22/13, Up 0.99%) It is performing exactly as you would want it to. Still a pretty good pick. He holds it long term.

Loves it. They have two companies that have existing projects that are cash flowing and they can sell them to embark on new projects.

Very solid energy infrastructure company. Have paid and raised their dividend for the last 47-48 years. Reporting earnings today which are very much in line. Valuation is quite high. Prefers companies that can grow their dividends and cash flow from a smaller base so would prefer Keyera (KEY-T) or Pembina (PPL-T).

Which pipeline company would you pick for a long-term hold? All his clients own TransCanada Corp (TRP-T) and some also own Enbridge (ENB-T). Enbridge has been the better performer in recent years. TransCanada has been hurt by the uncertainty over the Keystone XL. Because of its other projects and its got investments in the electricity business, TransCanada is a good long-term hold. Both of them are worth continuing to hold.

Has very good visibility in terms of earnings and cash flow growth. Have also indicated they will be growing their dividend at a faster pace than earnings growth. Very good pipeline and backlog of projects in place to grow earnings and cash flow.

Likes it here. Guaranteed 8-10% earnings growth and dividend should increase every year. It is viewed as interest sensitive, so that will eat into it by 1-3% a year.