Another North Of The Board Dividend Hike
About: (Enbridge, ENB, Dividend Genius)
As we've said in the past, companies involved in the transportation of oil and natural gas often feature noteworthy dividends and Canada's Enbridge (NYSE: ENB) is trying to make its dividend even more noteworthy by increasing the quarterly payout 15% to 42.5 cents a share from 37 cents. The shares currently yield 3.29%. Enbridge's quarterly payouts typically fluctuate a few cents from quarter to quarter, but have been in a steady uptrend over the past year.
The earnings outlook for Enbridge is encouraging with the company forecasting 2010 operating earnings of $2.50 to $2.70 a share. The midpoint of that range represents a 12% increase over expected 2009 operating earnings. Enbridge said it strives to maintain a payout range of 60%-70% of earnings. The five-year dividend growth rate is nearly 15%.
The new dividend is payable on March 1 to shareholders of record on February 15. Enbridge shares are up about 17% in the past three months, nearly double the performance of the S&P 500 over the same time.
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Disclosure: no positions