Toronto, May 23, 2026, 12:01 EDT
- Enbridge shares on the TSX finished Friday at C$80.19, up 0.72%. The stock also hit a 52-week high of C$80.65 during the session.
- The company is offering new gas-pipeline capacity in New England with Project Beacon.
- Toronto markets will reopen Monday. U.S. trading in ENB stays shut for Memorial Day.
Enbridge Inc. shares in Toronto set a new 52-week high this week. The move came as the Canadian market climbed, with investors looking at the company’s U.S. Northeast gas-pipeline expansion plans.
The stock ended Friday at C$80.19, up 57 Canadian cents, or 0.72%. Shares hit C$80.65 earlier in the session. The price is up from C$76.13 on May 15, rising about 5.3% during the holiday-shortened week in Canada.
Enbridge isn’t moving as a straight oil bet now, with buyers looking at it as a high-yield infrastructure company, adding projects in gas, storage and power. The S&P/TSX Composite Index edged up 0.2% on Friday to end at 34,471.36, the highest since March 2, and put on 1.9% for the week.
Enbridge has kicked off an open season for Project Beacon, its planned upgrade to the Algonquin Gas Transmission network in New England. The project might add about 300 million cubic feet per day if enough buyers sign up, according to the company. Enbridge said the line could start service in 2030, pending contracts and approvals.
Enbridge says it wants to cut New England’s steep power and heating bills with Project Beacon, especially in the toughest winter and summer months when usage hits highs. The company says the project could save up to $2 billion a year, depending on how many shippers sign up.
The stock’s move comes after Enbridge reported earnings on May 8 and stuck to its 2026 adjusted EBITDA target of C$20.2 billion to C$20.8 billion. EBITDA, short for earnings before interest, taxes, depreciation and amortization, is a measure of operating profit used by pipeline companies. Enbridge left its distributable cash flow forecast unchanged at C$5.70 to C$6.10 a share.
Enbridge CEO Greg Ebel said in the update that the company’s “diversified, low-risk business model” kept it steady in choppy energy markets. Mainline volumes averaged 3.2 million barrels a day for the first quarter, Ebel said. enbridge.com
Enbridge declared a quarterly dividend of C$0.97 a share, payable June 1 to shareholders on record May 15. The annual yield was 4.77% at Friday’s close, according to Fund Library. That keeps Enbridge in the defensive-income camp for Canadian portfolios.
Pembina Pipeline and TC Energy both edged higher Friday, with Google Finance tracking Pembina up 0.75% and TC Energy up 0.65%. Enbridge ended the session with its TSX shares quoted at C$80.19 at 4 p.m. EDT.
Canada’s oil and gas outlook is getting some attention again. Industry execs told Reuters this week they think investment conditions are getting better under Prime Minister Mark Carney, even as costs stay high. “The cost to do business in a jurisdiction matters,” ConocoPhillips Canada President Nick McKenna said. Reuters
But there’s a catch. Project Beacon still needs customer sign-ups and must clear regulators. Enbridge hasn’t jumped at every Canadian pipeline deal, either. An Enbridge spokeswoman told Reuters the company will look at a new West Coast oil pipeline only if the policy and conditions fit.
Markets in Canada will be open Monday, May 25. U.S. exchanges, including the NYSE—where Enbridge’s U.S. shares trade—are closed for Memorial Day.
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