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    How Enbridge’s 3% Dividend Hike And 2026 Capital Plan At Enbridge (TSX:ENB) Has Changed Its Investment Story

    Simply Wall St·12/05/2025 23:25:10
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    • Enbridge Inc. has already declared a quarterly dividend of C$0.97 per common share, payable on March 1, 2026, a 3% increase that extends its dividend growth streak to 31 consecutive years, alongside updated guidance for 2026 cash flows and capital spending.
    • The Board also set detailed preferred share dividends and outlined about C$10 billion of 2026 growth capital, signaling continued emphasis on pipeline and gas utility expansion funded without new external equity.
    • We’ll now examine how Enbridge’s 3% dividend increase and 2026 growth capital plans shape the company’s existing investment narrative.

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    Enbridge Investment Narrative Recap

    To own Enbridge, you need to believe that demand for its oil and gas infrastructure and utility assets will stay resilient enough to support sizable payouts despite regulatory, ESG, and long term energy transition pressures. The 3% dividend increase and C$10 billion 2026 growth capital plan modestly reinforce the near term catalyst of cash flow visibility, but do not materially change the key risk around heavy ongoing capital needs and balance sheet pressure.

    The most relevant announcement here is Enbridge’s 2026 outlook, calling for adjusted EBITDA of C$20.2–C$20.8 billion and distributable cash flow per share of C$5.70–C$6.10, alongside roughly C$10 billion of growth capital with no new external equity. For investors watching catalysts, this ties the higher dividend directly to anticipated project contributions and cash generation, while keeping attention on how rising investment interacts with already meaningful leverage and interest coverage.

    Yet behind the 31 year dividend growth streak, investors should be aware of how rising capex, debt costs, and regulatory setbacks could...

    Read the full narrative on Enbridge (it's free!)

    Enbridge's narrative projects CA$58.9 billion revenue and CA$7.8 billion earnings by 2028. This implies a 3.0% yearly revenue decline and an earnings increase of about CA$1.6 billion from CA$6.2 billion today.

    Uncover how Enbridge's forecasts yield a CA$70.45 fair value, a 6% upside to its current price.

    Exploring Other Perspectives

    TSX:ENB Community Fair Values as at Dec 2025
    TSX:ENB Community Fair Values as at Dec 2025

    Seven members of the Simply Wall St Community place Enbridge’s fair value between C$60 and C$295, reflecting very different expectations for its future. Against those views, the latest C$10 billion 2026 growth plan and dividend increase sharpen the debate around whether cash flow growth can comfortably outpace balance sheet and regulatory risks over time, so it is worth comparing several of these perspectives side by side.

    Explore 7 other fair value estimates on Enbridge - why the stock might be worth 10% less than the current price!

    Build Your Own Enbridge Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.