Enbridge stock has moved back into the spotlight in early December 2025 after the Canadian pipeline and utility giant raised its dividend again and issued fresh 2026 financial guidance. For investors watching TSX:ENB and NYSE:ENB as income plays with moderate growth, the latest numbers, regulatory milestones and analyst forecasts paint a clearer picture of what the next few years might look like.
Where Enbridge stock trades today
As of the close on December 5, 2025, Enbridge shares on the Toronto Stock Exchange (TSX:ENB) finished at C$66.58, down about 1.0% on the day. [1]
The NYSE listing (ENB) is trading around US$48, with recent data showing a 52‑week range of roughly US$39.73 to US$50.54 and a market capitalization near US$105 billion. [2]
On the income side:
- Most US‑dollar trackers put Enbridge’s annual dividend at about US$2.69 per share, implying a yield of roughly 5.5–5.7% at current NYSE prices. [3]
- On the TSX, the current 2025 dividend is C$0.9425 per quarter (C$3.77 annualized), with a higher rate already announced for 2026 (more on that below). [4]
In other words, the market is still treating Enbridge primarily as a high‑yield, lower‑volatility infrastructure stock, with modest capital appreciation expectations layered on top of a sizeable dividend stream.
The big December 2025 news: 2026 guidance and a 3% dividend increase
The headline development for Enbridge this week was the company’s December 3, 2025 guidance update.
Fresh 2026 guidance
In a detailed release, Enbridge laid out its 2026 financial targets: [5]
- Adjusted EBITDA: C$20.2–C$20.8 billion
- Distributable cash flow (DCF) per share: C$5.70–C$6.10
- This represents around 4% growth versus the mid‑points of 2025 guidance.
- Roughly C$8 billion of new projects are expected to come into service in 2026, all under low‑risk commercial frameworks (regulated returns, long‑term contracts, or take‑or‑pay).
The company also reaffirmed its 2023–2026 growth outlook:
- EBITDA: 7–9% compound annual growth
- EPS: 4–6% compound annual growth
- DCF per share: about 3% per year
Beyond 2026, management is still guiding to ~5% annual growth in EBITDA, EPS and DCF per share. [6]
31st consecutive dividend increase
The same announcement confirmed that Enbridge’s board has approved a 3% increase in the common share dividend for 2026, from C$3.77 to C$3.88 per share annualized, or C$0.97 per quarter, effective with the March 1, 2026 payment. [7]
That will mark 31 consecutive years of dividend growth, cementing Enbridge’s “dividend aristocrat” status in the Canadian market. At today’s TSX price around C$66–67, the forward 2026 yield in Canadian dollars sits in the mid‑5% range, before any currency effects for US investors.
Balance sheet and capital plan
For 2026, Enbridge plans to deploy about C$10 billion of growth capital (excluding maintenance) while keeping its debt‑to‑EBITDA ratio within a 4.5–5.0× target range and not issuing new common equity. The company expects to issue around C$10 billion of debt in 2026, much of it refinancing existing maturities, and has hedged a meaningful portion of that interest‑rate exposure. [8]
In short, the new guidance and dividend bump reinforce the existing story rather than radically changing it: Enbridge continues to lean on regulated and contracted cash flows, heavy (but targeted) capital spending, and measured dividend growth.
How 2025 has unfolded so far: record quarters and a bigger backlog
To understand how credible the 2026 guide is, it helps to look at the 2025 numbers.
First half: strong growth and reaffirmed guidance
In Q1 2025, Enbridge reported: [9]
- Adjusted EBITDA of C$5.8 billion, up 18% year‑on‑year
- DCF of C$3.8 billion, up 9%
- Adjusted EPS of C$1.03, up from C$0.92
The company also added about C$3 billion of new projects to its secured backlog, including up to C$2 billion of capital on the Mainline system and expansions in British Columbia and North Carolina. [10]
In Q2 2025, Enbridge delivered: [11]
- Record quarterly adjusted EBITDA of C$4.6 billion (up 7% year‑on‑year)
- DCF of C$2.9 billion, roughly flat but with stronger EBITDA offset by higher financing and tax costs
- Additional C$2 billion of projects sanctioned, including the 600 MW Clear Fork Solar project in Texas (supporting Meta’s data centers), gas storage expansions, and a Line 31 expansion on Texas Eastern Transmission.
After Q2, management reaffirmed its full‑year 2025 guidance of C$19.4–20.0 billion in EBITDA and C$5.50–5.90 DCF per share, and said it expected to finish near the upper end of the EBITDA range. [12]
Q3 2025: steady execution, higher financing costs
In Q3 2025, Enbridge again reported record‑level cash flows, though headline earnings were pressured by non‑cash derivative movements and higher interest expense: [13]
- Adjusted EBITDA of C$4.27 billion, up slightly from C$4.20 billion a year earlier.
- DCF of C$2.57 billion, roughly flat year‑on‑year.
- Adjusted EPS of C$0.46, down from C$0.55, largely due to higher financing and depreciation on new assets.
US‑focused coverage from Zacks noted that the company’s reported Q3 EPS (US$0.33) came in below consensus expectations, mainly on lower‑than‑anticipated revenue and higher costs, even as cash generation and guidance remained intact. [14]
Crucially for the long‑term story, Enbridge’s secured growth backlog has grown to about C$35 billion, with around C$7 billion of projects added in 2025 alone across liquids pipelines, gas transmission and storage, and low‑carbon initiatives such as CO₂ transport. [15]
Growth engine: pipelines, LNG and AI‑driven power demand
Enbridge’s value proposition is increasingly tied to three overlapping demand themes: oil exports from Western Canada, North American gas and LNG growth, and surging power demand from data centers and AI.
Oil pipelines: Mainline expansion to the US
Enbridge’s Mainline and Flanagan South pipelines remain the backbone of Canadian crude exports to US refineries. In mid‑November 2025, the company approved C$1.4 billion in expansions on these systems, adding 250,000 barrels per day (bpd) of capacity by 2027 to move heavy Canadian oil to the US Midwest and Gulf Coast. A potential second phase could add another 250,000 bpd later in the decade. [16]
Earlier in 2025, Enbridge also laid out plans for up to C$2 billion of Mainline capital investment through 2028, focused on reliability and throughput, and has repeatedly noted that the system has been fully utilized and apportioned, reflecting strong demand from Western Canadian producers. [17]
Gas transmission and LNG: feeding the Gulf Coast and Northeast
On the gas side, Enbridge has been steadily sanctioning projects to serve LNG facilities, power plants and industrial customers:
- Matterhorn Express & Traverse pipelines in Texas, connecting Permian Basin supply to the Gulf Coast and key hubs like Katy and Agua Dulce. [18]
- US Gulf Coast storage expansions at Egan and Moss Bluff, adding over 20 Bcf of capacity to support LNG and power demand through the early 2030s. [19]
- AGT Enhancement in the US Northeast, which will add about 75 MMcf/d of firm capacity under long‑term contracts by 2029. [20]
Enbridge’s own disclosures emphasize that its gas network now touches roughly 45% of US gas‑fired power generation and sits within 50 miles of more than 40 Bcf/d of potential data‑center and power‑related demand, a crucial point when thinking about AI‑driven load growth. [21]
Data centers and AI: a new demand tailwind
In April and October 2025, Enbridge executives devoted entire pieces to the energy needs of AI and data centers, arguing that the company is uniquely positioned to supply both baseload natural gas and renewable power to hyperscale customers: [22]
- The company highlights more than 60 data‑center or power‑generation projects on its radar across its gas utilities and transmission businesses, representing over C$4 billion of potential investment by 2030.
- The Renewable Power segment is expected to see about 1.4 GW of solar projects enter service by 2027, including the 600 MW Clear Fork project in Texas contracted with Meta Platforms for data‑center operations. [23]
Enbridge’s narrative is straightforward: AI is a massive incremental load, gas‑fired generation is the quickest and most reliable way to meet it, and Enbridge owns a disproportionately large slice of the pipes and infrastructure that will be needed.
Regulatory overhang: Line 5 and permitting risk
The biggest political and regulatory risk in the Enbridge story remains Line 5, the aging liquids pipeline that carries crude and NGLs from Western Canada through Wisconsin and Michigan to Ontario and Quebec.
On October 30, 2025, the US Army Corps of Engineers’ St. Paul District issued a key permit for a 41‑mile reroute of Line 5 around the Bad River Reservation in Wisconsin. This was a major milestone after years of environmental review and legal challenges. [24]
However:
- Enbridge still faces state‑level permitting and ongoing litigation, including in Michigan over the proposed Great Lakes Tunnel at the Straits of Mackinac.
- The Army Corps emphasized that its permit is one step in a broader process, not a final green light for all segments of the Line 5 system. [25]
For investors, the takeaway is nuanced: regulatory risk has eased at the margin thanks to the Wisconsin permit, but Line 5 remains a live political issue. Any forced shut‑down or severe operating restrictions could impact cash flow, even if the probability of that outcome has diminished.
Dividend profile: high yield, slow‑and‑steady growth
Enbridge’s dividend is central to the investment case.
- For 2025, the company has been paying C$0.9425 per share quarterly, or C$3.77 annualized. [26]
- From March 1, 2026, the dividend is scheduled to rise to C$0.97 per quarter (C$3.88 annualized), a 3% increase and the 31st straight annual hike. [27]
- On the US listing, most data services currently show an annualized dividend of around US$2.69, implying a yield near 5.6% at ~US$48. [28]
Over the very long term, Enbridge has historically delivered high single‑digit dividend growth, but management’s current guidance and modest 3% increases imply a more measured pace going forward, consistent with a mature, high‑payout infrastructure utility.
Dividend‑tracking platforms currently estimate: [29]
- A trailing 12‑month yield around 5.7% on the TSX.
- A payout ratio that is high on an accounting EPS basis, but comfortably covered by DCF, which is the metric management uses to size the dividend.
For income‑focused investors, the key question is whether Enbridge can keep growing DCF in the mid‑single digits while absorbing its heavy capital program and rising interest costs. So far, guidance and back‑to‑back record quarters suggest that is still achievable, but the margin for error isn’t huge.
What analysts are saying: ENB stock forecasts and ratings
Street consensus: modest upside, income‑first story
On the TSX, MarketBeat’s latest compilation of broker research (as of December 5, 2025) shows: [30]
- Consensus rating: “Moderate Buy”
- 10 analysts in the sample: 1 strong buy, 4 buy, 5 hold, 0 sell
- Average 12‑month price target: C$70.58
- Implied upside: about 6% from the current C$66.58 share price
- Target range: C$65–C$76
StocksGuide, which aggregates a broader set of estimates, lists: [31]
- 28 analysts covering Enbridge
- 14 buy, 13 hold, 1 sell
- An average upside potential for 2026 of roughly 7%, with consensus 2025 revenue around C$58.7 billion and EBITDA near C$20.2 billion.
TipRanks, focusing on TSX:ENB, similarly characterizes the stock as a “Moderate Buy” with an average target just above current pricing, again pointing to single‑digit appreciation potential plus the dividend. [32]
Valuation: close to fair value
A detailed narrative from Simply Wall St, published after the December 3 guidance, pegs Enbridge’s “fair value” at about C$70.45 per share, implying roughly 6% upside from the mid‑C$60s. That model assumes slightly declining revenue but rising earnings through 2028, driven by higher margins and new projects entering service. [33]
The same analysis flags some persistent risks:
- Heavy and ongoing capex, especially in an environment of higher interest rates.
- A balance sheet that, while improving, still runs at ~4.7–4.9× debt‑to‑EBITDA. [34]
- Regulatory and ESG headwinds for long‑lived fossil‑fuel infrastructure.
In other words, most models see Enbridge as roughly fairly valued with mild upside, with the 5–6% yield as the dominant part of the expected return.
Who owns Enbridge: institutional flows and sentiment
On December 7, 2025, MarketBeat highlighted a new SEC filing showing that Federated Hermes Inc. increased its Enbridge position by about 1.8% in Q2, bringing its stake to nearly 4.94 million shares, or about 0.23% of the company, worth roughly US$224 million at the time of the filing. Overall, institutional investors and hedge funds are estimated to own about 55% of Enbridge’s shares. [35]
This is typical for a large, defensive infrastructure name: heavy ownership by long‑only asset managers and income funds, with relatively low short interest and relatively muted retail speculation compared to more volatile energy names.
Key opportunities and risks for Enbridge shareholders
From today’s vantage point (December 7, 2025), the Enbridge story rests on a handful of major drivers.
Potential upside drivers
- AI and data‑center power demand: If US electricity demand from data centers and AI workloads ramps as quickly as Enbridge expects, the company’s gas pipelines and utilities could see multi‑decade tailwinds, backed by long‑term contracts. [36]
- Canadian oil export growth: Mainline expansions plus existing throughput could keep volumes high, especially if Western Canadian production continues to rise through the 2030s. [37]
- LNG build‑out: Gulf Coast and Canadian LNG projects depend on large‑diameter gas pipes and storage; Enbridge’s growing footprint in Texas and British Columbia positions it as a key enabler. [38]
- Dividend compounding: Even 3–5% annual dividend growth on top of a mid‑single‑digit yield can lead to respectable total returns if the share price at least tracks DCF growth.
Major risk factors
- Regulatory and legal risk, particularly around Line 5 and future pipeline expansions; the recent Wisconsin reroute permit is positive, but not a blanket solution. [39]
- Interest‑rate and refinancing risk, given the need to regularly roll and raise large volumes of debt to fund a C$30–35 billion project backlog. [40]
- Energy‑transition and ESG pressure, which could impact future project approvals, tolling structures, or cost of capital if political winds shift. [41]
- Execution risk on large projects and US gas utility acquisitions (completed in 2024), where cost overruns or regulatory delays could crimp returns. [42]
For long‑term investors, the central question is whether steady, mostly regulated cash‑flow growth and a high, growing dividend are enough to compensate for those structural risks.
FAQ: Enbridge stock in December 2025
Is Enbridge stock a buy right now?
Analysts are generally constructive but not euphoric. The consensus across major platforms clusters around “Moderate Buy”, with low‑to‑mid single‑digit price upside plus a 5–6% dividend yield. [43]
Whether it is a buy for you depends on:
- Your tolerance for regulatory and balance‑sheet risk.
- Your need for current income vs. growth.
- Your view on oil, gas and data‑center power demand over the next decade.
This article is informational only and not personalized investment advice.
What is Enbridge’s current dividend yield?
Depending on the listing and FX rate:
- On the NYSE (ENB), most data services show a dividend of about US$2.69 per share, implying a yield around 5.5–5.7% at ~US$48. [44]
- On the TSX (ENB), the 2025 dividend of C$3.77 and the announced 2026 dividend of C$3.88 translate into a forward yield in the mid‑5% range at current mid‑C$60s prices. [45]
What is the 12‑month price target for Enbridge?
MarketBeat’s TSX coverage shows an average 12‑month target of C$70.58, roughly 6% above current levels, with a range from C$65 to C$76. Other aggregators like StocksGuide and Simply Wall St cluster in a similar zone, generally implying mid‑single‑digit capital appreciation on top of the dividend. [46]
Bottom line: Enbridge going into 2026
By early December 2025, Enbridge looks exactly like what it says it wants to be:
- A core North American energy infrastructure platform riding structural themes in oil exports, gas and LNG, and AI‑driven power demand.
- A high‑yield dividend payer with a long track record and modest but continuing dividend growth.
- A company carrying meaningful leverage and political risk, but offsetting those with regulated and contracted cash flows and a large, visible project backlog.
References
1. www.marketbeat.com, 2. www.macrotrends.net, 3. stockanalysis.com, 4. dividendstocks.cash, 5. www.enbridge.com, 6. www.enbridge.com, 7. www.enbridge.com, 8. www.enbridge.com, 9. www.enbridge.com, 10. www.enbridge.com, 11. www.enbridge.com, 12. www.enbridge.com, 13. www.enbridge.com, 14. www.zacks.com, 15. www.enbridge.com, 16. www.reuters.com, 17. www.enbridge.com, 18. www.enbridge.com, 19. www.enbridge.com, 20. www.enbridge.com, 21. www.enbridge.com, 22. www.enbridge.com, 23. www.enbridge.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.enbridge.com, 27. www.enbridge.com, 28. stockanalysis.com, 29. dividendstocks.cash, 30. www.marketbeat.com, 31. stocksguide.com, 32. www.tipranks.com, 33. simplywall.st, 34. www.enbridge.com, 35. www.marketbeat.com, 36. www.enbridge.com, 37. www.enbridge.com, 38. www.enbridge.com, 39. www.reuters.com, 40. www.enbridge.com, 41. simplywall.st, 42. www.enbridge.com, 43. www.marketbeat.com, 44. stockanalysis.com, 45. www.enbridge.com, 46. www.marketbeat.com
