Enbridge (ENB.TO)

They guide 4-6% EPS growth from 2023-26, and 3% distributed cash flow, then 5% growth rate across the board after 2026. It's modest growth near-term, but they benefit from falling rates. Their PE is above 19x.  Natural gas pipelines offer more growth.

Probably won't go too far astray with this one. Now more competition with TMX coming onstream, so capacity may not be as full. Limited cyclicality. Sleep well at night. Muted dividend growth aspirations of 2-5% range. Yield is ~6%.

His preference is TRP.

It broke out from its bottom formation, arcing up nicely, and meeting resistance. It pays a healthy dividend so he may sell it in the equity platform but may hold it in the income platform.

Likes it. Expects it to keep pulling back a little after a strong run this year. They report in early November and he expects a good report. It's a great dividend. Their extensive pipelines carry nat gas and oil. Wait for till $53-54 to enter, though you could buy it here and let it run. Warning: this stock will move with interest rates and long bonds.

The rate-sensitives sold off hard with rising rates, creating a temporary opportunity. Get paid a huge dividend to wait. Yield still around 6.5-7%. Still likes it today. Great, stable business for those looking for income.

Get some yield and potential upside appreciation. Acts more like a utility now. This name is fine.

Big fan. Now less of a pipeline, and more of a midstream and regulated utility. Unlikely to build out large-scale, risky capex projects as before. Makes sense here. As rates get cut, more demand for yield and defensive. Relatively good value compared to some of the regulated utilities.

Happy to own, and will probably own forever unless there's a change in philosophy. Market's now appreciating more stable assets. Declining interest rates are a tailwind. Assets are irreplaceable, become more valuable over time. Trades lower than rails. Reducing leverage. Solid. Yield is 6.8%.

Attractive yield of 6.9%, which will grow more slowly than you might like. He owns a bit of TRP, with his largest holding being PPL. Those 2 mid-streamers have a bit better dividend growth, and they'll benefit from what's going on in the oil sands.

Has a great infrastructure business. Expects them to continue to buy US asset, which is a plus. Pays a great dividend and run very well.

With rates moving lower, we should be looking at utilities in general. In terms of LNG demand strengthening over time, he likes names like ENB and TRP. They're large, with sustainable dividend growth.

One of the largest holdings in his income growth fund. Nice fat yield of about 7.5%, its policy should allow increases of 2-3% a year. Safe. If interest rates come down, yield will go down but stock price will increase. Stock's down today, likely due to being ex-dividend.

In the space, he owns ENB and PPL. Both have more robust plans for growth than TRP.  PPL is above his buy price right now. ENB is very inexpensive today, so that's his preference.

It is one of their two core pipeline holdings. The other is Pembina. Pipelines in Canada are basically an oligarchy. Increased immigration should increase its business in Ontario. It has exposure to commodity prices but without the big swings of producers.

Uniquely in between both pipelines and utilities. Likes it. Pre-eminent Canadian entity in the midstream space. Half of it is a high-quality utility. Leverage is a bit high, but you can look past that because the regulated utility assets it has are very high quality in Ontario. What it bought in the US is high quality as well.

It's his top quasi-utility/quasi-midstream. He'd be open to adding today.

Price struggles are due to high leverage, and that execution still has to be proven on the US acquisitions. US rate cuts would also be beneficial.