TORONTO, May 25, 2026, 15:03 EDT
Enbridge Inc. shares fell Monday in Toronto, pulling back after last week’s high. The pipeline operator is out with a debt-exchange offer. Canadian energy stocks were lower as oil dropped.
The stock traded 0.99% lower at C$79.40 as of 2:46 p.m. EDT, not far from its 52-week high of C$80.65. The S&P/TSX composite earlier added 0.7% to hit a new high at 34,778.98, but energy lagged with U.S. crude prices dropping hard.
Enbridge faces a test on where support stands after a strong stretch. The shares have stayed up on their big project pipeline, dividend draw, and data center power angle, though trading on Monday showed weakness tied to oil still drags on the stock.
Enbridge and its Enbridge Pipelines Inc. unit are trying to get noteholder signoff to swap all outstanding Enbridge Pipelines medium-term note debentures with the same amount of new Enbridge notes, keeping the financial terms unchanged. The company said the swap is for “operational, structural and capital markets benefits.” Enbridge
Enbridge set a consent deadline of June 10 at 5 p.m. Toronto time. If holders representing at least 75% of the total principal amount give their consent, the resolution passes and there won’t be a June 25 meeting. If not, noteholders are expected to meet then.
Stocks got support from expectations that U.S.-Iran talks might cool tensions and allow oil to move freely through the Strait of Hormuz again. Brian Madden, CIO at First Avenue Investment Counsel, told Reuters, “even a non-zero chance the conflict ends” was boosting stocks and sending oil down. Reuters
Enbridge’s first-quarter results are still the backdrop. The company posted adjusted earnings of C$2.1 billion, or C$0.98 per share. Adjusted EBITDA came in at C$5.8 billion. Adjusted EBITDA is profit before interest, tax, depreciation and amortization, with Enbridge making further adjustments for items it does not see as part of normal operations.
Enbridge kept its 2026 outlook for adjusted EBITDA at C$20.2 billion to C$20.8 billion and distributable cash flow per share between C$5.70 and C$6.10. Distributable cash flow, a non-GAAP metric tracked by investors, helps assess how much cash is available for dividends and reinvestment. The company said it has a secured growth backlog of roughly C$40 billion.
Enbridge’s expansion isn’t just about pipelines now. The company last week said it’s building the first phase of its Cowboy solar-and-battery installation near Cheyenne, Wyoming for Meta Platforms’ data centers. Plans call for 365 megawatts of solar plus a 200 MW/1,600 MWh battery setup. Allen Capps, Enbridge’s head of power, described it as “reliable, scalable energy solutions,” while Meta’s Amanda Yang said it’s “flexible, reliable power.” Enbridge
Pipeline stocks slipped after the news. TC Energy lost 0.92% to C$97.00 at 2:46 p.m. EDT. Pembina Pipeline was down 1.46% to C$67.45. Keyera dropped 2.58% to C$57.48. Peer trading pointed to a move that wasn’t just about Enbridge.
Enbridge’s U.S. shares didn’t trade Monday with the New York Stock Exchange shut for Memorial Day, but the stock traded in Canada as Toronto markets stayed open.
Investor risk is that if oil prices keep falling or money shifts out of energy, the stock could come under pressure, cash flows steady or not. Delays or a no from noteholders would stall the planned debt cleanup. Enbridge’s bigger bets in gas, renewables, and data centers also come with execution, permitting, and cost risks.
Markets this week are expected to track if Enbridge stays close to the C$80 mark. Traders will also watch oil as Middle East news keeps prices on the move. Bond holders’ response to the debt exchange before the June consent deadline is also on the radar.
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