ENB Hits 52-Week High -- August 14, 2024

Locator: 48409ENB.

Tea leaves: Fed will not cut in September.

ENB:  

From Motley Fool, August 12, 2024, link here:

Enbridge reported solid second-quarter performance earlier this month. The midstream energy company posted an adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $4.3 billion, representing an 8% increase from the previous year’s quarter. Besides, its distributable cash flow for the quarter stood at $2.9 billion, representing a 3% increase compared to the prior year’s quarter.

During the quarter, it completed the acquisition of Questar Gas Company and Wexpro, and hopes to close the acquisition of Public Service Company of North Carolina in the third quarter. These acquisitions would diversify its business and enhance its cash flows, thus strengthening its long-term dividend growth prospects. Further, the company is progressing with its $24 billion secured capital program, spending $6 to $7 billion annually. These investments would strengthen its asset base, driving its cash flows.

Moreover, Enbridge has rewarded its shareholders by paying dividends for the last 69 years and has raised the same for the previous 29 years at an around 10% CAGR (compound annual growth rate). It currently offers a forward dividend yield of 6.9% and trades at an attractive NTM (next 12 months) price-to-earnings multiple of 17.7.

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Back to the Bakken

WTI:$77.57.

Thursday, August 15, 2024: 34 for the month; 90 for the quarter, 416 for the year
40466, conf, Kraken, Milloy 10-3-34 3H,
40387, conf, WPX, Missouri River 25-26HY,
39798, conf, Enerplus, Garnet 148-95-03B-10H,
Wednesday, August 14, 2024: 31 for the month; 87 for the quarter, 413 for the year
40467, conf, Kraken, Milloy 10-3-34 2H,
40386, conf, WPX, Missouri River 25-26HIL,
40262, conf, Empire North Dakota, Whooping Crane 29-15 1H,
39253, conf, Hess, SC-4WX-153-98-3130H-5,

RBN Energy: New England hopes new life for Everett LNG will help ease reliability concerns, despite Mystic's closure.

The 1,413-MW Mystic Generating Station, a longtime workhorse for New England, shut its doors for good May 31. Located in Charlestown, MA, on the north side of Boston, Mystic is adjacent to the Everett LNG terminal, which supplied 100% of Mystic’s natural gas for several decades. The power plant’s closure meant the Everett terminal might also be history. However, the Massachusetts Department of Public Utilities (DPU) recently approved new contracts that will keep Everett LNG open for at least six more years. In today’s RBN blog, we’ll discuss the combined impact of Mystic’s demise and Everett’s stay of execution, how the region has handled this summer’s heat wave, and what could be in store for next winter.