Enbridge's Long and Winding Road Leads to Significant Upside
The last year and a half has mostly been a slog for Enbridge shareholders. The stock declined 16% in 2018, underperforming the market considerably. In 2019, the stock has performed in line with the Canadian market (up 14%) but has lagged the U.S. market and Canadian midstream peer TransCanada. We think uncertainty surrounding long-term mainline utilization and the Line 3 replacement project has made investors tentative. In our view, the market underappreciates the long-term cash flows from these...Enbridge is an energy transportation and distribution companyoperating in 5 segments: Liquids Pipelines, consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals; Gas Distribution, of Co.'s natural gas utility operations; Gas Pipelines and Processi consists of investments in natural gas pipelines and processing facilities; Green Power and Transmission, consists of Co.'s investments in renewable energy assets and transmission facilities; and Energy Services, consist of physical commodity marketing activity and logistical services.
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