Enbridge (ENB) Stock on December 3, 2025: Dividend Hike, 2026 Outlook and What Analysts Now Expect

Enbridge Inc. (TSX: ENB, NYSE: ENB) just dropped a big year-ahead update: a higher dividend, fresh 2026 profit guidance and a C$10 billion growth-capital plan that leans hard into pipelines, gas utilities and North America’s surging energy demand. ^[1]

Below is a detailed look at what Enbridge announced on 3 December 2025, how the stock is trading, and what analysts and data-driven services now forecast for ENB.

Key Takeaways for Enbridge Stock Today

Dividend raised by 3% for 2026 – quarterly dividend to rise from C$0.9425 to C$0.97 per share (C$3.88 annualized), marking Enbridge’s 31st consecutive annual dividend increase and more than 70 years of uninterrupted payments. ^[2]
2026 core profit outlook – Enbridge guides to adjusted EBITDA of C$20.2–C$20.8 billion and distributable cash flow (DCF) per share of C$5.70–C$6.10, up from 2025 guidance of C$19.4–C$20.0 billion. ^[3]
Big growth-spending year ahead – management plans about C$10 billion in growth capital in 2026, versus roughly C$7 billion in 2025, backed by about C$8 billion of projects entering service and no need for new equity. ^[4]
Balance sheet: strong cash flow, heavy leverage – Enbridge targets a debt-to-EBITDA ratio of 4.5–5.0x and expects to issue around C$10 billion of debt to refinance roughly C$5 billion in maturities, leaving leverage and interest coverage as key risks. ^[5]
Stock price and yield – ENB closed around C$67.29 on the TSX and $48.11 on the NYSE on 2 December 2025, near 52‑week highs. At the new 2026 dividend rate, that implies a forward yield of roughly 5.7–5.8%. ^[6]
Analyst sentiment – Canadian coverage calls Enbridge a “Moderate Buy” with low‑single‑digit upside to about C$69–70 per share, while U.S. coverage (fewer analysts) leans “Strong Buy” with an average $63 USD target (about 30% upside). ^[7]
Macro drivers – management highlights record U.S. power demand—including from AI data centers—and growing North American oil and gas flows, supported by new pipeline expansions and the integration of three large gas utilities acquired from Dominion Energy in a US$14 billion deal. ^[8]

1. What Enbridge Announced on December 3, 2025

1.1 3% Dividend Increase and a Long Streak of Raises

On 3 December 2025, Enbridge’s board approved a 3% increase to the common share dividend, lifting the quarterly payout from C$0.9425 to C$0.97 per share starting with the dividend payable on 1 March 2026. That’s C$3.88 per share on an annualized basis and the 31st straight year the company has raised its dividend. ^[9]

According to Enbridge’s dividend information page, the company:

Has paid dividends for over 70 years,
Delivered a ~9% compound annual dividend growth rate over the last 30 years, and
Targets a dividend payout ratio of 60–70% of DCF, aiming to balance income with reinvestment. ^[10]

Investing.com notes that Enbridge has maintained dividend payments for 53 consecutive years, with a current yield in the mid‑5% range, and that the stock has delivered over 20% year‑to‑date (YTD) returns as of early December. ^[11]

1.2 2026 Profit Guidance: More Cash Flow, More Capex

Management’s 2026 guidance is the other big headline:

Adjusted EBITDA: C$20.2–C$20.8 billion
DCF per share: C$5.70–C$6.10
Growth capital: around C$10 billion, up from ~C$7 billion in 2025 ^[12]

Enbridge also reaffirmed its 2025 outlook, saying it still expects to land in the upper half of its C$19.4–C$20.0 billion EBITDA guidance range and at the midpoint of its 2025 DCF per share range. ^[13]

For the medium term, Enbridge reiterated its 2023–2026 growth targets:

EBITDA growth of 7–9% per year,
Adjusted EPS growth of 4–6% per year, and
DCF per share growth of about 3% per year. ^[14]

Beyond 2026, the company now expects around 5% annual growth in EBITDA, EPS and DCF per share, supported by its project backlog and newly acquired gas utilities. ^[15]

2. How Enbridge Stock Is Trading Right Now

As of the latest available close:

TSX: ENB – C$67.29, down about 1.7% on 2 December 2025 but near its 52‑week high. ^[16]
NYSE: ENB – $48.11, down about 1.6% on the day, with pre‑market trading slightly higher on 3 December. ^[17]

Combine that with the new 2026 dividend of C$3.88 per share and you get a forward yield of roughly 5.7–5.8%, depending on the listing and FX rate. That’s lower than Enbridge’s yield at its 2023–2024 lows but still firmly in “high‑yield blue‑chip” territory.

Investing.com data also show: ^[18]

A price/earnings ratio around 26,
A market capitalization near C$105 billion, and
YTD share price performance of about +20%, meaning much of the recent improvement in fundamentals is already reflected in the price.

3. Growth Engines Behind the 2026 Outlook

3.1 Massive Demand: AI, Data Centers and Peak Power

Reuters reports that Enbridge is expanding pipelines as U.S. power demand is expected to hit record highs in 2025 and 2026, driven in part by tech companies pouring billions into AI‑related data centers that require enormous electricity and natural gas supply. ^[19]

This macro backdrop benefits Enbridge’s mix of:

Long‑haul oil pipelines (especially from Western Canada to U.S. refineries),
Natural gas transmission systems, and
Gas utilities and storage in high‑growth U.S. Sun Belt regions.

3.2 Dominion Utilities Acquisition: A Utility-Like Backbone

Reuters also notes that Enbridge completed its US$14 billion (including debt) acquisition of three gas utilities from Dominion Energy—East Ohio Gas, Questar Gas, and Public Service Company of North Carolina—in 2024. ^[20]

The deal turned Enbridge into one of North America’s largest natural gas distribution utility operators, adding regulated, relatively predictable cash flows that support both the dividend and the company’s investment‑grade credit profile.

3.3 Mainline Optimization Phase 1 (MLO1)

On 14 November 2025, Enbridge reached a final investment decision on its Mainline Optimization Phase 1 (MLO1) project: ^[21]

Capex: ~US$1.4 billion
Capacity additions:
- +150,000 barrels per day (bpd) on the Mainline system
- +100,000 bpd on the Flanagan South Pipeline
In‑service target: 2027

East Daley Analytics notes that the Mainline system already moves about 66% of all Canadian crude exported by pipeline, has been heavily apportioned, and is running at very high utilization. MLO1 is designed to relieve constraints and push more heavy crude into U.S. Midwest and Gulf Coast refineries, where demand for these barrels remains strong. ^[22]

3.4 Permian Natural Gas Pipelines and LNG Connectivity

On 24 November 2025, Enbridge highlighted its rapidly expanding Permian Basin natural gas footprint: ^[23]

Eiger Express Pipeline – capacity expanded from 2.5 to 3.7 Bcf/d even before construction, moving gas from the Permian to Katy, Texas.
Traverse Pipeline – upsized from 1.75 to 2.5 Bcf/d between Katy and Agua Dulce, Texas.
Matterhorn Express Pipeline – Enbridge owns a 10% stake in this 2.5 Bcf/d line delivering gas from the Permian to Wharton, Texas.

Along with other assets like Whistler, ADCC, and Rio Bravo, Enbridge aims to hold interests in over 11 Bcf/d of long‑haul Permian gas capacity by mid‑2028, much of it feeding Gulf Coast LNG export facilities and storage hubs. ^[24]

These projects, alongside MLO1, are core contributors to the C$8 billion of new projects scheduled to enter service in 2026 and the longer‑term 5% annual growth guidance. ^[25]

4. What the Numbers Say: Profitability, Valuation and Risk

4.1 Profitability: Solid Margins, Steady Growth

GuruFocus’ 3 December analysis of Enbridge highlights: ^[26]

Trailing twelve‑month revenue of about C$45.7 billion,
Operating margin around 17% and net margin around 9%, and
Revenue growth running in the low single digits but supported by long‑term contracts.

StockAnalysis data for the Canadian financial forecasts (presented in CAD) suggest analysts expect: ^[27]

Revenue to rise from C$53.5B in 2024 to C$61.7B in 2025 (~15% growth),
A further slight increase to C$61.8B in 2026, and
EPS to climb from 2.34 in 2024 to 2.94 in 2025 (+25%) and 3.16 in 2026 (+8%).

Those forecasts line up broadly with Enbridge’s own 7–9% EBITDA and mid‑single‑digit EPS growth targets through 2026. ^[28]

4.2 Valuation: Not Dirt Cheap After the Rally

Several data providers flag valuation as mixed:

P/E ratio – roughly 26x trailing earnings, near the upper end of Enbridge’s recent range. ^[29]
Price-to-book – about 2.5x, close to a five‑year high, suggesting limited value “cushion” if fundamentals disappoint. ^[30]
GuruFocus GF Value – their internal “fair value” model puts one‑year fair value around $41.14 USD, implying downside from a roughly $48 share price, even as the average analyst target is closer to $48–50. ^[31]

In other words, traditional metrics show Enbridge as solidly profitable but no longer obviously cheap after its 2025 run‑up.

4.3 Leverage and Financial Health

The most commonly cited risk is leverage:

Gurufocus pegs Enbridge’s debt‑to‑equity ratio at roughly 1.6, with an Altman Z‑Score of 0.95, which falls in their “financial distress” zone even for utilities and pipelines. ^[32]
Interest coverage is around 2.3x, below the 5x many conservative investors prefer. ^[33]
Investing.com highlights a debt‑to‑equity ratio closer to 1.78 and a current ratio of about 0.8, implying the company relies heavily on ongoing capital market access and refinancing. ^[34]

At the same time, Enbridge’s plan to refinance C$5 billion of debt in 2026 with about C$10 billion of new issuance, while keeping debt‑to‑EBITDA in the 4.5–5.0x range and avoiding equity, shows management is deliberately leaning into its balance sheet to fund growth. ^[35]

Investors comfortable with this approach will see a leveraged income story; more cautious investors may worry about what happens if interest rates stay higher for longer or if regulators and politics become less friendly to large pipeline and gas utility operators.

5. What Analysts and Market Services Are Saying Now

5.1 Canadian Listing (TSX: ENB)

MarketBeat and TipRanks both classify Enbridge as a “Moderate Buy” on the Toronto Stock Exchange: ^[36]

MarketBeat (10 analysts, last 12 months)
- Consensus rating: Moderate Buy (5 Buy / 5 Hold)
- Average 12‑month price target: C$69.50
- Implied upside: ~3.3% from C$67.29
- Target range: C$60–C$76
TipRanks (8 analysts, last 3 months)
- Consensus rating: Moderate Buy (3 Buy / 5 Hold)
- Average 12‑month price target: C$69.97
- High/low: C$73.43 / C$66.39
- Implied upside: ~2.2% from C$68.44

Recent rating actions show most major Canadian banks nudging targets higher following Enbridge’s Q3 results and project announcements. MarketBeat’s history table shows, for example: ^[37]

RBC – Target raised from C$67 to C$72 on 10 November 2025 (Outperform).
Raymond James – Target raised from C$74 to C$76 (Outperform).
CIBC – Downgraded from Strong Buy to Hold, even while raising its target from C$70 to C$71.

This pattern suggests incrementally improving sentiment, but not a wholesale shift into “must‑own at any price” territory.

5.2 U.S. Listing (NYSE: ENB)

For the NYSE‑traded shares, StockAnalysis.com aggregates a smaller sample—only two analysts—but their view is more bullish: ^[38]

Consensus rating: Strong Buy
Average price target: $63 USD
Range: $54–$72
Implied upside: ~31% from $48.11

Those targets come primarily from Argus Research (Strong Buy, $54 target) and RBC Capital’s U.S.-listed target of $72, reflecting optimism that Enbridge can continue to deliver mid‑single digit EPS growth on top of its 5–6% dividend yield. ^[39]

5.3 GuruFocus, Zacks and Trading Signals

GuruFocus analyst consensus (9 analysts) has an average one‑year target of about $48.42, only slightly above the recent U.S. share price, and an average brokerage recommendation of 2.7, which they classify as “Hold.” ^[40]
Zacks has run multiple pieces on Enbridge in 2025, framing it as one of the more “most‑watched” energy infrastructure stocks, and urging investors to focus on earnings estimate revisions and its Zacks Rank before deciding whether to “bet” on ENB. ^[41]
StockTradersDaily, using AI‑driven technical models, published a 3 December article suggesting short‑term “optimized trading opportunities” in ENB’s Canadian listing, with range‑trade levels in the high‑C$60s and “strong” long‑term ratings. ^[42]

And in a recent CNBC segment, Jim Cramer described Enbridge as a stock that offers “a ton of downside protection,” mainly due to its regulated and contract‑backed cash flows and sizeable dividend. ^[43]

6. How Enbridge Looks to Different Types of Investors

(This section is informational only and not investment advice.)

6.1 Income-Focused Investors

For investors seeking dependable income, Enbridge currently offers:

A forward yield around 5.7–5.8%,
A 31‑year streak of annual dividend increases, and
Corporate guidance that still targets 3%+ annual DCF per share growth. ^[44]

That combination of yield plus modest growth can be attractive in a low‑growth, high‑rate environment—but it comes with the caveat of heavy leverage and continued reliance on debt markets.

6.2 Total-Return and Growth-Oriented Investors

For investors looking at total return (yield + growth):

Enbridge’s own 5% long‑term EBITDA/EPS growth target plus a roughly 5.8% yield implies a potential low‑double‑digit annualized return if everything goes to plan. ^[45]
The 2026 outlook and project pipeline (MLO1, Permian gas pipelines, LNG connections) support that narrative, but the stock is already trading near its 52‑week highs and above some estimates of fair value. ^[46]

Execution on major projects, commodity price stability, regulatory decisions and the pace of AI‑driven power demand will all influence whether those return assumptions hold up.

6.3 Risk-Conscious and Defensive Investors

Risk‑averse investors will likely focus on:

High leverage and low interest coverage,
The company’s exposure to regulatory and political shifts in pipelines and gas utilities, and
Valuation measures (P/E, P/B, GF Value) that no longer scream “bargain.” ^[47]

On the other hand, Enbridge’s large base of regulated utility and long‑term contracted pipeline assets may provide a degree of cushion in weaker economic environments, which is exactly why some commentators view the stock as relatively defensive within the energy sector. ^[48]

7. Bottom Line on Enbridge Stock After the 2026 Outlook

On 3 December 2025, Enbridge essentially told the market:

“We can keep raising the dividend, fund a larger slate of projects, and grow cash flows at a mid‑single‑digit rate—without issuing equity.” ^[49]

The market’s response so far:

The stock is near its highs,
Analysts in Canada call it a moderate buy with modest upside,
U.S. coverage is more bullish, and
Quantitative valuation tools are split between “fairly valued” and “somewhat overvalued.” ^[50]

Whether ENB still offers an attractive entry point now depends heavily on an investor’s time horizon, risk tolerance, and view on interest rates and North American energy demand. What’s clear after today’s announcements is that Enbridge is doubling down on being a high‑yield, growth‑through‑projects utility‑pipeline hybrid, with 2026 shaping up as a pivotal execution year.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a registered financial professional before making investment decisions.