Morningstar Rating

Stock Research and Analysis

by Jason Stevens

Bulls Say

Enbridge's leading position in Alberta should help it win additional crude oil and oil sands transportation business.
Enbridge's assets produce steady cash flows with little sensitivity to volumes or commodity prices.
The company's natural gas presence in the Granite Wash, East Texas Haynesville, and offshore Gulf of Mexico offers attractive long-term growth prospects. Read more 

Bears Say

The regulated nature of most of Enbridge's assets puts a cap on returns.
Multiple leaks in the pipeline portfolio have heightened the scrutiny on new pipeline projects, adding red tape in the regulatory approval process and potentially costing real dollars in the form of more onerous maintenance requirements.
Competition with other midstream projects and competitors can be fierce on blockbuster projects where the market can only support so much capacity, particularly in low-price environments that pinch producers. Read more 

Management

Al Monaco took over as CEO in October 2012. He has extensive experience through Enbridge's organization, and we do not expect any significant changes to the company's growth plans.
Total compensation for Monaco was CAD 1.8 million in 2012, of which   Read more 

Profile

Enbridge operates a network of energy assets that transport and store oil and natural gas throughout the U.S. and Canada. It also owns several green energy assets and is   Read more 

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