Enbridge raising quarterly dividend, releases 2023 financial guidance

Enbridge Inc. is raising its quarterly dividend to shareholders.

The pipeline company says it will now pay a quarterly dividend of 88.75 cents per share, up from 86 cents per share.

Based on Enbridge’s closing share price of $55.52 on Tuesday, the shares will have a dividend yield of about 6.4 per cent.

The increased payment to shareholders came as Enbridge reaffirmed its full-year guidance for adjusted earnings before interest, income taxes and depreciation in the top half of its range of $15.0 billion to $15.6 billion for 2022.

Distributable cash flow per share is expected to be just above the midpoint of its range of $5.20 to $5.50 for this year.

For 2023, Enbridge offered guidance for EBITDA between $15.9 billion and $16.5 billion and distributable cash flow per share of $5.25 to $5.65.

1:21 Enbridge sells minority stake in 7 Alberta pipelines to Indigenous communities