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Pipeline company Enbridge to raise dividend by nearly 10 per cent

Enbridge logos are on display at the company's annual meeting in Calgary, Thursday, May 12, 2016. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Enbridge Inc. is raising its dividend by nearly 10 per cent.

The pipeline company says it will start paying a quarterly dividend of 81 cents, effective March 1, up from its previous rate of 73.8 cents.

The shares will have a yield of about 6.3 per cent, based on Enbridge’s closing share price on Monday.

In its outlook for 2020, Enbridge says it expects earnings before interest, taxes, depreciation and amortization of about $13.7 billion.

Distributable cash flow per share for 2020 is expected to be in a rage of $4.50 to $4.80 per share.

Enbridge chief executive Al Monaco says the company’s emphasis in the near term will be on capital efficient in-franchise growth and executing its secured capital projects.

“Over the medium to longer term, Enbridge’s diversified asset base, integrated infrastructure networks and extensive reach provide us with many opportunities to extend growth,” Monaco says.

This report by The Canadian Press was first published Dec. 10, 2019.

Companies in this story: (TSX:ENB)

The Canadian Press