Key Takeaways for Enbridge Inc. Stock as of July 2026
- CFO Pat Murray told analysts distributable cash flow per share rose $0.03 in the quarter even as adjusted EPS fell about 5%.
- Enbridge’s quarterly dividend climbed to $0.97 as of March 31, 2026, up from $0.94 held flat across three straight quarters and $0.90 at the end of 2024.
- The payout ratio hit 125% against a 5.1% forward yield.
- TIKR’s mid-case model targets CA$91 for Enbridge stock by December 2030, projecting an 18% total return and a 4% annualized rate.
Enbridge Stock’s Dividend Case Rests on Cash Flow, Not GAAP Earnings
Enbridge (ENB) drew a clear line on its Q1 2026 earnings call between two numbers that often get conflated. Distributable cash flow per share rose $0.03 year over year, while adjusted earnings per share fell about 5%. CFO Pat Murray framed the gap directly, tying the EPS decline to higher depreciation from assets newly placed into service and higher income taxes following the absence of investment tax credits that had boosted 2025 results.
A $0.07 drop in the average CAD to USD exchange rate also weighed on every business segment this quarter, Murray said. A favorable hedge rate partially offset that impact elsewhere in the ledger. None of it moved the company off its full-year plan. “I’m pleased to reaffirm the 2026 guidance that we showed last December,” Murray told the call, pointing to EBITDA and DCF per share both tracking to the midpoint of their ranges.
CEO Greg Ebel reaffirmed 5% average annual growth for EBITDA, DCF per share and EPS through the end of the decade, a target he said the company had held since March 2025. He tied that growth outlook straight back to the payout. “Consistency is a defining feature of our story, highlighted by 31 consecutive years of annual dividend increases as well as 20 years of achieving financial guidance,” Ebel said.
Enbridge returned $38 billion to shareholders over the past five years and expects to return $40 billion to $45 billion over the next five, funded by a $40 billion project backlog running through 2033.
Debt to EBITDA sat at the top of the company’s 4.5 to 5x target range this quarter. Murray attributed that partly to the currency swing and partly to the timing of major projects, which land disproportionately in the back half of the year. He expects leverage to ease toward the middle of the range as 2027 and 2028 capital spending tapers.
ENB Stock’s Payout Ratio Swings Wildly While the Dividend Keeps Rising
Enbridge’s dividend reached $0.97 per share in the quarter ended March 31, 2026. That followed three straight quarters at $0.94 and a low of $0.90 at the end of 2024, extending the rising pattern management pointed to on the call.
The payout ratio tells a rockier story. It hit 351% at the end of 2024, dropped to 91% by the following March, spiked again to 274% in the third quarter of 2025, then settled at 125% by March 2026. That volatility lines up with the EPS swings Murray described, driven by depreciation timing and the loss of investment tax credits rather than any change in cash generation.
Against that backdrop, Enbridge stock’s forward yield sits at 5.1%, down from 6.2% in mid-2025 as the share price climbed faster than the payout. A dividend growing on a 31-year streak against a payout ratio bouncing between 91% and 351% leaves one question hanging: does the ratio settle down as the tax credit absence anniversarizes, or does it stay this choppy for good?
TIKR’s CA$91 Target Gives ENB Stock Room to Climb Through 2030
TIKR’s mid-case valuation model puts Enbridge stock’s target price at CA$91 by December 2030, for a potential total return of 18% and an annualized rate of 4% from the current CA$77 share price.
That return profile positions Enbridge stock as a slow, steady compounder rather than a high-growth story, one where the dividend contributes to total return without carrying it alone.
The target rests on the same growth case management laid out on the call: a $40 billion backlog through 2033 and 5% average annual growth in EBITDA and DCF per share through the decade. Reaching CA$91 requires that backlog to convert into EBITDA roughly on the pace management has already committed to.
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