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Enbridge (ENB)

Enbridge Inc. is a leading North American energy infrastructure company. Enbridge safely and reliably delivers the energy people need and want to fuel quality of life. Its core businesses includes Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontarioand Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North Americaand Europe.

Company profile

Ticker
ENB, ENB+B, ENB+H, ENB+N, ENB+P, ENB+T, ENB+Y, EBGEF, ENBBF, EBBNF
Exchange
CEO
Albert Monaco
Employees
Incorporated
Location
Fiscal year end
Former names
IPL ENERGY INC
SEC CIK
Subsidiaries
1090577 B.C. Unlimited Liability Company • 1329165 Alberta Ltd. • 1682399 Ontario Corp. • 2099634 Ontario Limited • 2562961 Ontario Ltd. • 2193914 Canada Limited • 4296559 Canada Inc. • 3268126 Nova Scotia Company • 5679 Cherry Lane, LLC • 626952 Alberta Ltd. ...

ENB stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

6 May 22
17 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 454M 454M 454M 454M 454M 454M
Cash burn (monthly) (no burn) 5.83M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 9.05M n/a n/a n/a n/a
Cash remaining n/a 444.95M n/a n/a n/a n/a
Runway (months of cash) n/a 76.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

47.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1119 1032 +8.4%
Opened positions 177 78 +126.9%
Closed positions 90 97 -7.2%
Increased positions 428 419 +2.1%
Reduced positions 321 321
13F shares Current Prev Q Change
Total value 37.91B 38.66B -1.9%
Total shares 969.42M 975.94M -0.7%
Total puts 28.53M 22.96M +24.2%
Total calls 18.56M 17.93M +3.5%
Total put/call ratio 1.5 1.3 +20.0%
Largest owners Shares Value Change
RY Royal Bank Of Canada 163.07M $6.37B +0.7%
BMO Bank of Montreal 77.03M $3.02B +1.4%
Vanguard 66.69M $2.61B +2.5%
TD Asset Management 29.07M $1.14B -3.6%
CIBC World Markets 26.56M $1.04B +11.8%
BNS Bank Of Nova Scotia 24.3M $949.39M +103.2%
DB Deutsche Bank AG - Registered Shares 22.6M $883.05M +10.6%
1832 Asset Management 21.71M $846.53M +17.9%
CIBC Asset Management 20.38M $795.53M -2.7%
LGEN Legal & General 19.83M $775.73M +2.5%
Largest transactions Shares Bought/sold Change
Capital International Investors 17.84M -47.56M -72.7%
Norges Bank 17.3M +17.3M NEW
BNS Bank Of Nova Scotia 24.3M +12.34M +103.2%
GQG Partners 9.72M +9.72M NEW
Cook Street Consulting 8.92M +8.92M NEW
NA National Bank of Canada 8.64M +8.64M NEW
BAM Brookfield Asset Management 2.61M -6.31M -70.8%
BX Blackstone 7.21M -5.14M -41.6%
TD Toronto Dominion Bank 16.97M -4.76M -21.9%
Manufacturers Life Insurance Company, The 14.17M -4.56M -24.3%

Financial report summary

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Risks
  • Climate change risks could adversely affect our business, operations and financial results, and these effects could be material.
  • Pipeline operations involve numerous risks that may adversely affect our business, financial results and the environment.
  • A service interruption could have a significant impact on our operations, and negatively impact financial results, relationships with stakeholders and our reputation.
  • Our operations involve safety risks to the public and to our workers and contractors.
  • Cyber-attacks or security breaches could adversely affect our business, operations or financial results.
  • Pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, may adversely affect local and global economies and our business, operations or financial results.
  • Terrorist attacks and threats, escalation of military activity in response to these attacks or acts of war, and other civil unrest or activism could adversely affect our business, operations or financial results.
  • There are utilization risks with respect to our assets.
  • Our assets vary in age and were constructed over many decades which may cause our inspection, maintenance or repair costs to increase in the future.
  • Competition may result in a reduction in demand for our services, fewer project opportunities or assumption of risk that results in weaker or more volatile financial performance than expected.
  • Execution of our projects subjects us to various regulatory, operational and market risks that may affect our financial results.
  • Changing expectations from stakeholders regarding ESG practices and climate change or erosion of stakeholder trust or confidence could damage our reputation and influence actions or decisions about our company and industry and have negative impacts on our business, operations or financial results.
  • Our forecasted assumptions may not materialize as expected, including on our expansion projects, acquisitions and divestitures.
  • Our insurance coverage may not be sufficient to cover our losses in the event of an accident, natural disaster or other hazardous event.
  • We are exposed to the credit risk of our customers.
  • Our risk management policies cannot eliminate all risks. In addition, any non-compliance with our risk management policies could adversely affect our business, operations or financial results.
  • Our business requires the retention and recruitment of a skilled and diverse workforce, and difficulties in recruiting and retaining our workforce could result in a failure to implement our business plans.
  • Our transformation projects may fail to fully deliver anticipated results.
  • Our business is undergoing significant changes driven by technological advancements and the energy transition, which could impact our strategic plan, business, operations or financial results.
  • Our Liquids Pipelines growth rate and results may be directly and indirectly affected by commodity prices and government policy.
  • Our Energy Services and Gas Transmission and Midstream results may be adversely affected by commodity price volatility.
  • We rely on access to short-term and long-term capital markets to finance capital requirements and support liquidity needs, and cost effective access to those markets can be affected, particularly if we or our rated subsidiaries are unable to maintain an investment-grade credit rating.
  • Many of our operations are regulated and failure to secure timely regulatory approval for our proposed projects, or loss of required approvals for our existing operations, could have a negative impact on our business, operations or financial results.
  • Our operations are subject to numerous environmental laws and regulations, including those relating to climate change and GHG emissions and climate-related disclosure, as well as internal initiatives to reduce GHG emissions, compliance with which may require significant capital expenditures, increase our cost of operations and affect or limit our business plans, or expose us to environmental liabilities.
  • Our operations are subject to operational regulation and other requirements, including compliance with easements and other land tenure documents, and failure to comply with applicable regulations and other requirements could have a negative impact on our reputation, business, operations or financial results.
  • Our operations are subject to economic regulation and failure to secure regulatory approval for our proposed or existing commercial arrangements could have a negative impact on our business, operations or financial results.
  • We could be subject to changes in our tax rates, the adoption of new US, Canadian or international tax legislation or exposure to additional tax liabilities.
  • We are involved in numerous legal proceedings, the outcomes of which are uncertain, and resolutions adverse to us could adversely affect our financial results.
Management Discussion
  • 1Non-GAAP financial measures. Please refer to Non-GAAP and Other Financial Measures.
  • •a non-cash, unrealized loss of $21 million ($16 million after-tax) in 2022, compared with an unrealized gain of $139 million ($105 million after-tax) in 2021, reflecting the revaluation of derivatives used to manage the profitability of transportation and storage transactions, as well as manage the exposure to movements in commodity prices.
  • The non-cash, unrealized derivative fair value gains and losses discussed above generally arise as a result of our comprehensive economic hedging program to mitigate foreign exchange and commodity price risks. This program creates volatility in reported short-term earnings through the recognition of unrealized non-cash gains and losses on financial derivative instruments used to hedge these risks. Over the long-term, we believe our hedging program supports the reliable cash flows and dividend growth upon which our investor value proposition is based.

Content analysis

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