Enbridge (ENB) Stock Today: New Line 5 Twist, Big Money Flows and a 7.8% Dividend Yield

As investors head into the weekend on Saturday, 22 November 2025, Enbridge Inc. (NYSE: ENB, TSX: ENB) remains firmly in the headlines. A fresh regulatory twist in its controversial Line 5 pipeline, another wave of institutional 13F filings, and its rich dividend profile are all shaping the story around one of North America’s most important energy infrastructure companies.

Key takeaways for Enbridge (ENB) on 22 November 2025

Stock holds near recent highs: Enbridge’s New York–listed shares closed the latest regular session at US$47.97, down 0.68% on the day, with after-hours trading nudging the price back above US$48. ^[1]
Line 5 gets a new option on the table: The U.S. Army Corps of Engineers has quietly added a horizontal directional drilling alternative for the Line 5 segment under the Straits of Mackinac, prompting renewed scrutiny from environmental groups—while Enbridge insists it still plans to build a tunnel. ^[2]
Institutional money is deeply involved: Fresh 13F-based reports show Legal & General Group, Swiss National Bank, Artisan Partners and others disclosing sizeable stakes or changes in their ENB positions, with institutions collectively owning over half the company. ^[3]
Dividend remains a central draw: Enbridge’s board recently declared a C$0.9425 quarterly dividend (C$3.77 annualized for 2025), implying a yield around 7–8% at current prices. ^[4]
Growth pipeline is still growing: The company has taken final investment decision on the US$1.4 billion Mainline Optimization Phase 1 (MLO1) project and now carries a ~C$35 billion secured growth backlog, even after missing Q3 profit expectations. ^[5]

Enbridge stock today: price, valuation and volatility

Enbridge shares continue to trade in the upper half of their 12‑month range:

NYSE: ENB closing price (21 Nov 2025): US$47.97
Daily move: –US$0.33 (–0.68%) in regular hours; extended trading lifted the price back to about US$48.15. ^[6]
52‑week range: roughly US$39.73 – US$50.54. ^[7]
Market cap & valuation: around US$105 billion, with a trailing P/E in the mid‑20s and a PEG ratio just over 4, underscoring that investors are paying a premium for stability and income rather than rapid growth. ^[8]
Balance sheet: debt‑to‑equity near 1.6, with current and quick ratios below 1, typical of capital‑intensive regulated infrastructure but worth monitoring as rates remain elevated. ^[9]

Short-term traders are also watching ENB closely. A 21 November piece from StockTradersDaily outlines AI‑generated long and short trading plans around the Toronto‑listed shares (ENB:CA) and labels the stock “Strong” across near-, mid- and long-term horizons from a technical perspective. ^[10]

For long‑term holders, though, the story is still very much about dividends, regulatory risk and backlog‑driven growth rather than day‑to‑day volatility.

Line 5: New drilling option adds complexity to a high‑stakes project

One of the most significant Enbridge‑related stories published today comes from Bridge Michigan, syndicated through several Michigan newspapers. It reveals that the U.S. Army Corps of Engineers has quietly placed a new construction option on the table for Enbridge’s Line 5 segment under the Straits of Mackinac. ^[11]

What changed?

Historically, Enbridge has pushed to replace the exposed, twin Line 5 pipes under the Straits with a 4‑mile tunnel, about 21 feet wide, bored into the lakebed rock and housing a new pipeline.
The Army Corps has now added an alternative: horizontal directional drilling (HDD), creating a much narrower borehole (minimum ~42 inches) and pulling a 30‑inch pipe through it without a tunnel. ^[12]
The supplemental environmental impact statement (EIS) describing this option was posted on 12 November, with a public comment period running to 5 December and an online hearing set for 3 December. ^[13]

Reactions from Enbridge and environmental groups

According to the report:

Enbridge told Bridge Michigan the HDD alternative is “not something we pitched” and stressed that its application remains focused on building the tunnel. ^[14]
Environmental groups, including the Oil & Water Don’t Mix coalition, have criticised the late‑stage addition of a new option as a potential “bait and switch”, questioning whether HDD can be executed safely given past incidents with drilling fluids on other projects. ^[15]

The Army Corps has also pushed its anticipated final permitting decision for the tunnel from this fall into spring 2026, adding further uncertainty to the timeline. ^[16]

Wider Line 5 context

This Michigan development lands just weeks after the Army Corps approved Enbridge’s plan to reroute a 41‑mile segment of Line 5 around the Bad River Reservation in Wisconsin, replacing a 12‑mile stretch that crosses tribal land. Environmental groups and the Bad River Band are still challenging that reroute in court, arguing that the project threatens local waterways and treaty rights. ^[17]

Investor takeaway:
The Line 5 saga remains a long‑running political, legal and reputational risk for Enbridge. The new HDD option doesn’t change the company’s stated intention to build a tunnel, but it introduces more moving parts and could affect timing, costs and ultimately how much capital the company must commit to the Straits segment.

Big money flows: who’s buying and trimming ENB now?

A cluster of fresh 13F‑based headlines today and overnight highlights just how widely held Enbridge has become in institutional portfolios.

Legal & General, Swiss National Bank and Artisan Partners

MarketBeat‑compiled filings show:

Legal & General Group Plc increased its Enbridge stake by about 1.1% in Q2 2025, now owning 18.86 million shares, roughly 0.87% of the company, valued around US$853.7 million at the time of filing. ^[18]
Swiss National Bank boosted its holdings by 6.8%, to 6.62 million shares (about 0.30% of the company), worth just under US$300 million. ^[19]
Artisan Partners Limited Partnership recently reported a 3.3% trim to its ENB position in Q2, holding 678,100 shares valued around US$30.8 million at quarter‑end. ^[20]

Across these and other filings, MarketBeat estimates that roughly 54–55% of Enbridge’s shares are held by institutions and hedge funds. ^[21]

Broader institutional activity

MarketBeat’s ENB news feed also highlights recent moves by:

Hillsdale Investment Management, with around US$79 million in ENB stock;
Vanguard Group, with a roughly US$4.37 billion stake;
A range of wealth managers and advisory firms that either boosted or trimmed positions during Q2. ^[22]

What it signals:
While these filings are backward‑looking (they cover Q2 2025), their publication today reinforces the picture of Enbridge as a core income holding in many global portfolios. The mix of modest buying and trimming—rather than wholesale exits—aligns with a broader “Hold / market perform” consensus from the analyst community (more on that below). ^[23]

Dividend update: 7–8% yield and an upcoming December payout

Enbridge’s dividend remains one of its biggest selling points for income‑focused investors.

Current dividend level

On 5 November 2025, Enbridge’s board declared a quarterly dividend of C$0.9425 per common share, payable on 1 December 2025 to shareholders of record as of 14 November. The amount matches the September payment. ^[24]

From the company’s dividend information page:

This corresponds to a C$3.77 annualized dividend for 2025.
Enbridge highlights more than 70 years of uninterrupted dividends and roughly 9% compound annual growth in the dividend over the past three decades. ^[25]

At a U.S. share price just under US$48, that payout equates to a cash yield in the high‑7% range, depending on FX. MarketBeat and other trackers peg the yield at about 7.8%. ^[26]

Sustainability questions

The same MarketBeat coverage notes that the implied payout ratio, based on earnings metrics, sits well above 100%, which always invites debate about sustainability. ^[27]

However, Enbridge itself emphasises distributable cash flow (DCF) rather than net income, and its latest quarterly update indicates that DCF remains broadly stable year‑on‑year and in line with guidance (see next section). ^[28]

For investors, the key question is whether DCF and the balance sheet can support high‑single‑digit dividend growth beyond 2026 while funding a massive capital program.

Growth engine: MLO1, Q3 results and a C$35 billion project backlog

MLO1: A US$1.4 billion bet on Canadian crude flows

On 14 November 2025, Enbridge announced it had taken final investment decision on the Mainline Optimization Phase 1 (MLO1) project, a major expansion of its crude oil network. ^[29]

Key details:

Capex: about US$1.4 billion. ^[30]
Capacity adds:
- +150,000 barrels per day (bpd) on the Mainline system;
- +100,000 bpd on the Flanagan South Pipeline (FSP). ^[31]
Timing: incremental capacity is expected to come online in 2027. ^[32]
Commercial underpinning: the FSP expansion is backed by long‑term take‑or‑pay contracts for full‑path service from Edmonton to Houston via Enbridge’s Seaway joint venture pipeline. ^[33]

Enbridge pitches MLO1 as a “capital‑efficient and timely” way to add Canadian export capacity, leveraging existing rights‑of‑way and infrastructure rather than building new greenfield lines. ^[34]

Q3 2025 earnings: EPS miss but guidance intact

On 7 November 2025, Enbridge reported its Q3 2025 results. Headline numbers: ^[35]

GAAP EPS: C$0.30 vs C$0.59 in Q3 2024
Adjusted EPS: C$0.46 vs C$0.55 a year earlier
Adjusted EBITDA: C$4.27 billion, slightly up from C$4.20 billion
Distributable Cash Flow (DCF): C$2.57 billion, essentially flat versus C$2.60 billion

Reuters notes that Enbridge missed consensus profit expectations, mainly due to higher financing costs tied to its 2024 acquisition of three U.S. gas utilities and some weaker performance from specific liquids pipeline assets. ^[36]

Despite the shortfall, Enbridge:

Reaffirmed 2025 guidance for adjusted EBITDA of C$19.4–20.0 billion and DCF per share of C$5.50–5.90. ^[37]
Confirmed its medium‑term outlook of 7–9% annual adjusted EBITDA growth and 4–6% EPS growth through 2026, followed by ~5% annual growth beyond 2026. ^[38]

Project backlog and gas / low‑carbon growth

The same Q3 update detailed about C$3 billion of new projects added this quarter, including: ^[39]

Southern Illinois Connector (US$0.5 billion) – linking to ETCOP and adding 100 kbpd of long-haul capacity;
Canyon System Pipelines expansion to serve bp’s Tiber offshore development;
US Gulf Coast gas storage expansions at Egan and Moss Bluff;
The Eiger Express Pipeline, part of the Matterhorn JV, moving up to 2.5 Bcf/d of gas from the Permian to the Katy, Texas area;
The AGT Enhancement project, boosting Algonquin Gas Transmission capacity into the U.S. Northeast.

Enbridge now pegs its secured growth backlog at about C$35 billion, to be rolled into service through 2030. ^[40]

The company is also advancing more than C$4 billion of data‑centre and power‑related opportunities within its gas utility franchise, reflecting rising electricity and computing demand. ^[41]

Bottom line:
Operationally, Enbridge is trading a short‑term EPS wobble and higher interest expense for a larger, more diversified footprint in gas utilities, storage and low‑carbon infrastructure—all while aiming to keep DCF and the dividend intact.

Community & ESG notes: United Way and workforce development

Beyond pipelines and earnings, Enbridge has also been active on the community and ESG front in November:

A 19 November corporate story highlights that Enbridge’s 2025 United Way campaigns raised about US$4.3 million (C$5.9 million) across 140 communities, bringing the total to more than US$38.6 million since 2018. Newly acquired gas utilities in Ohio, Utah/Wyoming/Idaho and North Carolina participated for the first time. ^[42]
Another piece on 20 November showcases “Project Heavy Duty” in Peace River North, British Columbia—a hands‑on heavy equipment training program for high‑school students that Enbridge has sponsored since 2023. It gives students real‑world experience operating excavators and other machinery and is entering its 22nd year. ^[43]

These initiatives don’t move the share price on their own, but they matter for social licence, regulatory goodwill and long‑term ESG positioning, especially for a company under constant environmental scrutiny.

Analyst sentiment: income favorite, growth moderate

Recent coverage and data from MarketBeat and other outlets paint a fairly consistent picture of how the Street views Enbridge: ^[44]

Consensus rating: roughly “Hold” / “Sector Perform”, with a mix of Buy and Hold ratings and at least one Sell.
Average 12‑month price target: about US$63 equivalent (based on cross‑listed targets, often quoted in Canadian dollars), implying meaningful upside from current U.S. prices if forecasts are met.
Recent moves: BMO Capital recently raised its Enbridge price target to C$67 while maintaining a Market Perform rating, underlining that analysts see decent value but not explosive growth.

Put simply, Enbridge is widely viewed as:

A high‑yield, core infrastructure holding;
With modest growth layered on top through projects like MLO1 and new gas / low‑carbon assets;
And a non‑trivial set of regulatory and political risks (Line 5, environmental policy, rate cases) that investors must price in.

What to watch next

Looking ahead from 22 November 2025, key catalysts for ENB shareholders include:

Line 5 regulatory milestones
- Public comments and reaction to the new HDD option for the Straits segment.
- Final Army Corps decision on the tunnel and the evolving litigation in both Michigan and Wisconsin. ^[45]
Execution on MLO1 and other growth projects
- Capex discipline, contract coverage and timelines for the 2027 in‑service date. ^[46]
Balance sheet and funding
- Follow‑through on recent note offerings and hybrid debt issuance;
- The mix of debt, hybrid securities and equity used to fund the C$35 billion backlog. ^[47]
Dividend policy beyond 2025
- Whether management sticks to ~3% annual dividend growth as it balances shareholder returns with capital needs.

Quick FAQ: ENB stock today (22 November 2025)

Is Enbridge stock up or down today?
As of the latest session (21 November 2025), ENB on the NYSE closed at US$47.97, down 0.68% on the day, with modest gains in after‑hours trading. ^[48]

What is Enbridge’s current dividend yield?
Based on a C$3.77 annualized dividend for 2025 and a share price around US$48, Enbridge offers a yield in the high‑7% range. FX and listing differences mean the exact figure varies slightly by market, but many trackers quote about 7.8%. ^[49]

Is Enbridge still growing?
Yes, but at a measured pace. Management is targeting 7–9% adjusted EBITDA growth and 4–6% EPS growth through 2026, with about 5% annual growth thereafter, supported by a ~C$35 billion secured project backlog that includes oil, gas and low‑carbon infrastructure. ^[50]

Is ENB a Buy?
Most analysts group Enbridge in the Hold / market perform camp: widely accepted as a core income holding thanks to its dividend, but with limited multiple expansion expected unless interest rates fall significantly or growth accelerates. Whether it’s a Buy for you depends on your risk tolerance, income needs, time horizon and diversification, and you should consider professional financial advice tailored to your situation.

This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed advisor before making investment decisions.

References

Enbridge (ENB) Stock Today: New Line 5 Twist, Big Money Flows and a 7.8% Dividend Yield – 22 November 2025

Key takeaways for Enbridge (ENB) on 22 November 2025

Enbridge stock today: price, valuation and volatility