|Bid||46.80 x 0|
|Ask||46.81 x 0|
|Day's Range||46.78 - 47.38|
|52 Week Range||39.40 - 51.22|
|Beta (3Y Monthly)||0.96|
|PE Ratio (TTM)||21.35|
|Forward Dividend & Yield||2.95 (6.24%)|
|1y Target Est||N/A|
NEW YORK/CALGARY, Alberta (Reuters) - Enbridge Inc has delayed the start of an open season to solicit bids for contracted space on its Mainline oil pipeline system, North America's largest oil-shipping network, three market sources told Reuters on Wednesday. Canadian pipeline company Enbridge plans to turn the Mainline system from a common carrier system in which shippers submit monthly bids for capacity, to one that is mostly contracted for up to two decades. The open season, a period in which shippers can submit bids for contracted space, was meant to start in mid-July and last for two months, Enbridge said previously.
(Bloomberg) -- The rally in risky corporate debt is far from over, according to the manager of the world’s best-performing high-yield bond fund.Nicholas Leach sees a tech-driven world that’s put a “mobile price-discovery device” in every pocket keeping inflation low. As a result, global monetary policy will stay loose, according to the portfolio manager at CIBC Asset Management, the C$134 billion ($102 billion) investing arm of Canadian Imperial Bank of Commerce.“Central banks are pushing investors into corporates worldwide,” said Leach, whose Renaissance High Yield Bond Fund at CIBC has returned 14% this year, the most among 68 global peers, according to data compiled by Bloomberg. “There will be an even stronger bid for corporates as global sovereign bonds sink further into negative yields.”Leach’s call for further gains comes after a blistering first-half for bonds amid bets the Federal Reserve will cut interest rates for the first time in more than a decade. U.S. high-yield debt has returned just over 10% this year, compared with 6% for investment-grade sovereign and corporate bonds, according to the Bloomberg Barclays indexes. That helped lure $3 billion to the iShares iBoxx High Yield Corporate Bond ETF in June, a monthly record, pushing its assets to $18.7 billion as of Wednesday.The frenzy has prompted some managers to cut high-yield exposure, including Pilar Gomez-Bravo. The portfolio manager at MFS Investment sees similarities in current markets to the speculative mania that brought on the financial crisis. She’s betting the rally is on its last legs.But Toronto-based Leach, who started his career as a computer programmer, said low inflation will keep the rally going.“Every single person now, including kids, teenagers, are all walking around with a mobile price-discovery device and that’s one of the key reasons why inflation is staying low,” he said. “You can just go to YouTube and learn how to fix old things, you don’t need to buy new ones. Also, if you need something, you can just buy second hand.”Enbridge BetHis high yield fund is 85% allocated to U.S. companies and 15% to Canadian, in both local currency and U.S. dollars. He invests in roughly 125 names, focusing on companies that are positioned to survive a cycle, but allowing for small positions in several distressed names.One of his largest bets is Enbridge Inc.’s hybrid securities due 2077. While not technically high-yield, they are trading like it, a strategy he’s used to buy other debt including Ford Motor Co. and Seagate Technology Plc.Enbridge hybrid notes are convertible to shares in the event of a bankruptcy or insolvency. He likes the company for its stable business, strong recurring cash flow and C$97 billion market value.“I’m not worried about a restructuring with Enbridge,” said Leach. “That is just extremely remote, so I don’t really need to worry about whether I have unsecured or secured notes.”With C$63 billion in debt, Enbridge’s subordinated notes are rated one notch below investment grade at Moody’s Investors Service, which means that some institutional investors can’t hold it. That’s causing them to trade about 380 basis points above benchmark government bonds, in line with companies that are way further into junk, he said.Leach, who holds an economics degree, uses models supplemented with credit and equity market metrics to quantify credit risk on a more granular level than spreads, taking the human emotion out of the equation, he said. The second step is to then analyze this data to figure out where the “markets might have it wrong.”“While part of me is happy I’m not writing code anymore, it has helped me a lot in terms of building some of these algorithms for our quantitative models,” Leach said.\--With assistance from Shin Pei.To contact the reporter on this story: Paula Sambo in Toronto at email@example.comTo contact the editors responsible for this story: Nikolaj Gammeltoft at firstname.lastname@example.org, Jacqueline Thorpe, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Enbridge Inc has lowered oil-shipping requirements on its Mainline pipeline by nearly two-thirds, the company confirmed on Wednesday, a move likely to satisfy smaller producers that feared they would be elbowed out by the company's initial requirements. Enbridge now requires minimum volume commitments of 2,200 barrels per day (bpd), down from the 6,000 bpd commitment it previously sought, Enbridge spokesman Jesse Semko told Reuters. The company confirmed the change after sources said Enbridge had made the adjustment.
Recent meetings with Enbridge Inc (NYSE: ENB ) management suggest heightened regulatory and project execution risks for the Line 3 (L3R) and Line 5 pipelines, according to Bank of America Merrill Lynch. ...
Pipeline giants Energy Transfer and Enterprise Products Partners will face off for the next chapter in their eight-year legal battle in October.
Canada is struggling to push through the much-contested Trans Mountain Expansion, but in the meantime, the absolutely crucial Line 5 replacement is facing the risk of a permanent shutdown
Enbridge Inc NYSE:ENBView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is extremely low for ENB with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting ENB. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold ENB had net inflows of $1.99 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS MarkitThere is no PMI sector data available for this security. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. ENB credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing […]
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
CALGARY, Alberta/ WINNIPEG, Manitoba, June 3 (Reuters) - A Minnesota court ruled on Monday that Enbridge Inc's final environmental impact statement for its Line 3 replacement project is inadequate, raising the possibility the Canadian crude oil pipeline could face further delays. The Line 3 replacement project would ship 760,000 barrels per day of Canadian crude from Alberta to Wisconsin, doubling current capacity and providing much-needed relief from congestion on existing Canadian pipelines. It is the furthest advanced of three proposed pipeline expansions - along with the Canadian government-owned Trans Mountain and TC Energy Corp's Keystone XL - that would ease a glut of oil in Alberta.
Enbridge Inc. said Thursday it could have a proposed oil pipeline tunnel built and operating beneath a crucial Great Lakes channel by early 2024, responding to demands from Michigan officials to expedite the shutdown of existing twin pipelines. The Canadian company said it had sent Gov. Gretchen Whitmer a revised timeline for drilling the $500 million tunnel through bedrock beneath the Straits of Mackinac, the 4-mile-wide (6.4-kilometer-wide) channel linking Lakes Huron and Michigan. "Assuming we are able to move through the permitting process without delay, we believe the tunnel can be under construction in 2021 and in service as soon as early 2024," Enbridge said in a statement.
Comparing TC Energy and Enbridge Stocks(Continued from Prior Part)Enbridge’s yieldEnbridge (ENB) stock is trading at a yield of ~5.9%, which is ~120 basis points higher than TC Energy’s (TRP) yield. The two stocks have seen a significant rise in
Comparing TC Energy and Enbridge StocksEnbridge stockEnbridge (ENB) has risen ~21% in 2019. Enbridge had underperformed TC Energy (TRP), which has risen 38% year-to-date. A delay in Enbridge’s Line 3 Replacement project and analysts’ downgrades
Today we are going to look at Enbridge Inc. (TSE:ENB) to see whether it might be an attractive investment prospect. In...