Enbridge Inc (ENB) Stock on December 6, 2025: Dividend Hike, 2026 Guidance, Line 5 Risks and Analyst Forecasts

Enbridge Inc. (TSX: ENB; NYSE: ENB) has packed a lot into the first week of December 2025: a new 2026 financial outlook, another dividend increase extending its three-decade growth streak, and fresh scrutiny of its controversial Line 5 pipeline project in Michigan. At the same time, institutional investors are still adding to positions, and analysts see meaningful upside from today’s price — albeit with some caveats around debt and regulation.

As of the close on December 5, 2025, Enbridge traded around US$48.09 on the NYSE and C$66.58 on the TSX, keeping it in the upper half of its 52‑week trading range (about US$39.73–50.54). ^[1] With an annualized dividend of C$3.88 per share for 2026, the stock currently yields roughly 5.6–5.8%, depending on the exchange and FX rate. ^[2]

Below is a deep dive into the latest news, forecasts and analyses around Enbridge stock as of December 6, 2025, tailored for investors following ENB through Google News and Discover.

Key takeaways for ENB investors right now

2026 guidance is out: Enbridge targets adjusted EBITDA of C$20.2–20.8 billion and DCF per share of C$5.70–6.10 in 2026, backed by ~C$10 billion of growth capital spending — with no new external equity planned. ^[3]
31st consecutive dividend increase: The quarterly dividend will rise 3% in 2026 to C$0.97 per share, extending Enbridge’s dividend-growth streak to 31 straight years. ^[4]
High but stable payout model: The payout ratio looks stretched versus earnings, but management steers investors toward distributable cash flow (DCF) as the key coverage metric. ^[5]
Line 5 remains a major overhang: US regulators are reviewing a newly floated tunneling/drilling option for Line 5 through the Straits of Mackinac, which environmental groups call “rushed” and unsafe. ^[6]
Analysts see upside: Consensus 12‑month price targets cluster around US$63, implying roughly 31% upside from recent levels, though overall ratings range from Hold to Strong Buy depending on the source. ^[7]
Institutions are still buying: SCS Capital Management boosted its ENB stake by 450.7% in Q2, while giants like Vanguard, GQG, TD and Norway’s sovereign wealth fund remain large holders. ^[8]

Enbridge stock today: price, valuation and yield

On December 5, 2025, Enbridge shares closed at:

US listing (ENB, NYSE): ~US$48.09
Canadian listing (ENB, TSX): ~C$66.58 ^[9]

According to recent data, the NYSE‑listed shares trade on roughly:

Price-to-earnings (P/E): ~26x
1‑year trading range: about US$39.73–50.54
Market capitalization: ~US$105 billion
Beta: around 0.68, implying lower volatility than the broader market. ^[10]

On the TSX, Enbridge’s trailing dividend yield is pegged around 5.6–5.7%, consistent with its new C$3.88 annual payout and current share price. ^[11]

Put simply, ENB is behaving like a classic income stock: modest capital appreciation over the past year, a relatively defensive beta, and a large portion of total return driven by its dividend.

2026 guidance and dividend hike: what Enbridge just told investors

On December 3, 2025, Enbridge released its 2026 financial guidance and announced a 3% dividend increase for 2026, effective with the dividend payable on March 1, 2026. ^[12]

Financial guidance highlights

Management’s 2026 outlook calls for: ^[13]

Adjusted EBITDA:C$20.2–20.8 billion
Distributable cash flow (DCF):C$12.5–13.3 billion
DCF per share:C$5.70–6.10
Growth capital: roughly C$10 billion in 2026 alone
Debt-to-EBITDA: targeted within 4.5–5.0x at year-end 2026
Post‑2026 outlook: about 5% annual growth in adjusted EBITDA, EPS and DCF per share over the medium term

This builds on Enbridge’s earlier 2023–2026 targets of:

7–9% EBITDA growth,
4–6% EPS growth, and
roughly 3% annual DCF per share growth over the period. ^[14]

Dividend: 31 years and counting

The dividend increase takes Enbridge’s annual common share dividend from C$3.77 to C$3.88 per share. Management notes this represents the 31st consecutive annual dividend increase, explicitly emphasizing its “dividend aristocrat” credentials. ^[15]

At recent prices, that translates into:

~5.8% yield on the TSX, using C$66–67 share price levels. ^[16]

Recent commentary from dividend-focused outlets like The Motley Fool has underscored Enbridge as a “top-notch income stock” and an “unstoppable” high-yield payer after extending its streak to 31 years. ^[17]

The trade-off: cash flow visibility vs. leverage

Independent analysis from Simply Wall St frames the new guidance as a modest reinforcement of Enbridge’s income narrative: predictable cash flows backing a generous dividend — but at the cost of continued heavy capex and a leveraged balance sheet. ^[18]

The key tension for investors is:

Positive: A large, mostly regulated or contracted asset base with high utilization, plus C$10 billion of new projects slated for 2026, improves visibility on cash flows and dividend coverage. ^[19]
Negative: Funding that growth without external equity means more debt, so interest expense and leverage metrics stay front and center in the risk discussion. ^[20]

Growth engine: pipelines, gas utilities and data‑center‑driven demand

The 2026 outlook is underpinned by a busy project pipeline and large acquisitions.

Dominion Energy gas utilities acquisition

Enbridge recently completed a US$14 billion acquisition (including debt) of three gas utilities from Dominion Energy: East Ohio Gas, Questar Gas and Public Service Company of North Carolina. This deal positions Enbridge as North America’s largest natural gas utility operator, with nearly seven million customers. ^[21]

These utility assets are expected to contribute meaningfully to both EBITDA and DCF in 2026 as new rates and capital go into service. ^[22]

Mainline upgrades and gas transmission projects

On the liquids side, Enbridge is investing heavily in its flagship Mainline network, which transports roughly 40% of U.S. and Canadian crude. Reuters reports that the company has earmarked about C$2 billion through 2028 to upgrade the Mainline system, while simultaneously expanding parts of its natural gas network. ^[23]

In September 2025, the company reached a final investment decision (FID) to move ahead with an expansion of the Algonquin Gas Transmission (AGT) pipeline in the U.S. Northeast, a roughly US$300 million project designed to add about 75 million cubic feet per day of gas capacity under long‑term contracts. ^[24]

AI data centers and power demand

A key theme underlying Enbridge’s growth story is surging North American power demand, driven in part by AI‑related data centers. The company explicitly cites this trend in its guidance, with Reuters noting that Enbridge expects strong demand as technology firms pour billions into new power‑hungry facilities. ^[25]

That demand boost supports:

Higher utilization on existing pipelines,
New gas transmission and storage projects, and
Associated renewables and power projects like the 600‑MW Clear Fork solar project in Texas, which Enbridge is developing to support Meta’s data center operations. ^[26]

Line 5: regulatory and ESG risk that won’t go away

For all the upbeat talk on cash flows and dividends, Line 5 in Michigan remains a major risk factor for Enbridge shareholders.

New tunnel vs. horizontal drilling proposal

An in‑depth report from Bridge Michigan details how the U.S. Army Corps of Engineers is now evaluating an alternative to Enbridge’s longstanding plan to house Line 5 in a 21‑foot‑wide tunnel under the Straits of Mackinac. The new option would use horizontal directional drilling to pull a replacement pipeline through a narrower borehole deep below the lakebed. ^[27]

At public hearings, environmental groups and local opponents complained that the new alternative feels like a last‑minute shift and have described the proposal as “rushed” and “unsafe,” arguing that neither a tunnel nor a new drilled pipeline adequately protects the Great Lakes from spill risk. ^[28]

Supporters, including some local residents and workers, counter that burying the line — whether via tunnel or deep drilling — would remove aging pipes from the lakebed and bring construction jobs to the region. ^[29]

Legal and regulatory backdrop

Beyond the Army Corps review:

The Michigan Supreme Court is weighing a challenge to state permits for the Line 5 tunnel project. ^[30]
Enbridge remains in a lengthy legal dispute with the State of Michigan, driven by efforts from Governor Gretchen Whitmer and Attorney General Dana Nessel to shut down the existing lake‑bottom segment of Line 5. ^[31]

Investors should view Line 5 as a headline and regulatory risk that could, in a worst‑case scenario, force rerouting of volumes or lead to costly mitigation, even if it represents only a part of Enbridge’s diversified asset base.

One regulatory cloud that did clear

On the plus side, Enbridge scored a regulatory win earlier this year when the U.S. Federal Trade Commission approved a petition to reopen and set aside its 2017 final consent order related to the Spectra Energy merger. The FTC determined that the order was no longer necessary after Enbridge divested its interest in the competing Discovery Pipeline. ^[32]

This removes an older antitrust constraint and gives Enbridge somewhat more flexibility in its U.S. gas pipeline business.

Institutional flows: who is buying ENB now?

Institutional ownership remains high and, in several cases, is still growing.

A December 6, 2025 MarketBeat note highlights that SCS Capital Management increased its Enbridge position by 450.7% in Q2, to about 51,985 shares worth roughly US$2.36 million. ^[33]

The same report and other recent filings show that: ^[34]

Vanguard Group modestly raised its already large stake, now holding over 96 million shares.
GQG Partners, TD Asset Management and Legal & General have also added to positions.
Norges Bank (Norway’s sovereign wealth fund) initiated a new stake worth over US$1.1 billion.

In total, around 55% of Enbridge’s shares are held by institutions and hedge funds, underscoring its status as a core holding in many income and infrastructure portfolios. ^[35]

Analyst ratings and price targets: upside with nuance

Depending on which data provider you look at, Enbridge’s consensus rating ranges from a cautious Hold to an optimistic Strong Buy.

MarketBeat: “Hold” with ~31% upside

MarketBeat aggregates 12 Wall Street analyst ratings over the past year and arrives at: ^[36]

Consensus rating: Hold
Breakdown: 6 Buy, 5 Hold, 1 Sell
Average 12‑month price target:US$63
Implied upside from US$48.14: about 31%

StockAnalysis & other aggregators: more bullish tone

StockAnalysis, which focuses on a smaller group of analysts, labels Enbridge a “Strong Buy”, also with an average price target of US$63, and highlights notable recent target increases, such as RBC Capital lifting its target to US$72 in November 2025. ^[37]

Other forecast platforms (like mlq.ai and Public.com) broadly echo this picture: a Buy‑leaning consensus and price targets in the US$54–72 band, centered on US$63 and implying high‑20s to low‑30s percentage upside over the next year. ^[38]

Fair value estimates in CAD

For the TSX listing, Simply Wall St estimates a fair value of about C$70.45, only modestly above the current C$66–67 share price — roughly 6% upside on their model. ^[39]

That relatively close fair value highlights a key divide:

U.S.‑dollar‑based models often see more upside (partly due to FX and different assumptions on growth).
CAD‑based fair value estimates tend to see Enbridge as nearer to fairly valued, especially once debt and long‑term energy transition risks are factored in. ^[40]

Fundamental forecasts: revenue, EPS and DCF

Analyst consensus compiled by StockAnalysis points to a step-up in Enbridge’s fundamentals in 2025 and 2026, driven by the Dominion utilities integration and new projects coming online. ^[41]

Key forecast trends include:

Revenue 2025: ~C$61.7 billion, up ~15% from 2024
Revenue 2026: essentially flat vs 2025, at ~C$61.8 billion
EPS 2025: ~C$2.94, up ~25% vs 2024
EPS 2026: ~C$3.16, up ~7–8% vs 2025

These numbers support Enbridge’s own message: strong near‑term earnings and cash flow growth as recent acquisitions and projects ramp up, followed by a more modest growth profile.

However, some quantitative services that focus on short‑term technicals are more cautious. StockInvest, for example, currently assigns a negative short‑term technical outlook to Enbridge’s TSX shares, citing recent price weakness, moving‑average sell signals and a minor downtrend from early December highs around C$67–68. ^[42]

How are commentators framing the ENB investment case?

Different research and commentary outlets are converging on a similar big-picture narrative:

Income first: The primary reason to own ENB is its high, growing dividend, backed by regulated and contracted cash flows across pipelines, gas utilities and renewables. ^[43]
Balance sheet watch: Commentators at GuruFocus and Simply Wall St point to Enbridge’s high leverage and modest Altman Z‑Score, arguing that investors must monitor debt metrics closely as the company pushes through its C$10‑billion 2026 capex plan without new equity. ^[44]
Regulatory and ESG friction: Line 5 remains the headline example of political, legal and ESG risk, illustrating how even economically important infrastructure can face public backlash and court challenges that drag on for years. ^[45]
Energy transition positioning: Enbridge is leaning into natural gas and power infrastructure as a “bridge fuel” and backbone of a more electrified, AI‑driven economy, while still maintaining significant oil exposure and gradually growing renewables. ^[46]

In short, analysts and commentators broadly agree that Enbridge is not a rapid-growth stock, but rather a high‑yield compounding story whose success hinges on management’s ability to balance growth spending, debt, regulation and the energy transition.

What this means for different types of investors

This section is for general information only and is not personalized investment advice.

For dividend and income investors

Pros:
- High forward yield around 5.6–5.8%. ^[47]
- 31‑year streak of dividend increases. ^[48]
- Cash flows largely underpinned by regulated/contracted assets and long‑lived infrastructure.
Cons:
- Payout ratios look aggressive on an EPS basis; Enbridge relies on DCF metrics to justify sustainability. ^[49]
- High leverage means rates, credit spreads and rating‑agency views matter.

For investors prioritizing reliable income with moderate growth, Enbridge remains a widely cited candidate — but it’s crucial to understand that the safety of the dividend rests on continued access to capital markets and execution on its growth projects.

For value-oriented investors

Upside case:
- Current price is below most US$63 target estimates, implying ~30% upside in base‑case scenarios. ^[50]
- Simply Wall St’s C$70.45 fair value in CAD terms suggests the stock may be slightly undervalued, though not dramatically so. ^[51]
Watch points:
- Capital intensity and debt may constrain multiple expansion.
- ESG and regulatory risks around pipelines could justify persistent valuation discounts versus less controversial utilities.

Value investors will likely focus on whether DCF and EPS growth materialize as guided in 2025–2026 — and whether management can keep leverage within target while funding C$10 billion of annual growth capital.

For traders and short‑term investors

Short‑term technical services currently lean bearish to neutral on the TSX listing, pointing to recent weakness and moving‑average sell signals. ^[52]
Volatility remains relatively low, which may limit very short‑term trading appeal but can be attractive for options strategies focused on income, such as covered calls (subject to individual risk management).

FAQs: Enbridge stock as of December 6, 2025

1. What is Enbridge’s current dividend and yield?

Enbridge has announced a 2026 common share dividend of C$3.88 per year, paid quarterly at C$0.97 per share, starting with the March 1, 2026 payment. ^[53] At current TSX prices near C$66–67, that works out to a yield of roughly 5.6–5.8%. ^[54]

2. How much upside do analysts see in ENB stock?

Most recent 12‑month price targets cluster around US$63 per NYSE share, with a range of roughly US$54–72. That implies high‑20s to low‑30s percent upside from the current US$48 area, though individual views vary from Sell to Strong Buy. ^[55]

3. What are the biggest risks to the Enbridge investment thesis?

Key risks often cited include: ^[56]

Regulatory and legal battles, especially around Line 5 in Michigan.
High leverage and ongoing capex, which make Enbridge sensitive to interest rates and credit conditions.
Energy transition dynamics, where long‑term oil and gas demand could be pressured by decarbonization, even as near‑term power and gas demand rises.

4. Why does Enbridge emphasize DCF instead of earnings per share?

Pipelines and utilities are capital intensive, with large non‑cash depreciation and complex accounting. Enbridge argues that distributable cash flow (DCF) better reflects the cash available for dividends after maintenance capital, interest and taxes. Its 2026 guidance and dividend policy are framed primarily around DCF per share, not EPS. ^[57]

Bottom line:

As of December 6, 2025, Enbridge stock is a high-yield, infrastructure-heavy, regulatory-exposed dividend story. The latest guidance and 3% dividend hike reinforce management’s confidence in cash flow growth through 2026, powered by newly acquired gas utilities, pipeline expansions and rising power demand from AI and electrification. At the same time, Line 5, leverage and long‑term transition risk mean ENB is not a set‑and‑forget bond proxy, but an income investment that rewards ongoing monitoring of policy, project execution and balance-sheet health.

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