ENB Enbridge Inc Common Stock

NYSE · Energy · View on SEC EDGAR ↗
$51.23
Price · Aug 21, 2026
Fundamentals as of Jul 31, 2026

About Enbridge Inc Common Stock Company overview from Wikipedia

Enbridge Inc. is a Canadian pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres of pipelines. Its 38,300 kilometre natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects.

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Enbridge Inc. is a Canadian pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres (17,809 miles) of pipelines. Its 38,300 kilometre (23,800 mile) natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects.

Enbridge has been responsible for several oil spills, including the Line 3 oil spill, which was the largest inland oil spill in the US, and the Kalamazoo River oil spill, which was another major inland oil spill in the US.

History

The company was initially incorporated by Imperial Oil as Interprovincial Pipe Line Company (IPL) on April 30, 1949, after Canada's first major oil discovery, in 1947, at Leduc, Alberta. In the same year, the company built its first oil pipeline from Leduc to Regina, Saskatchewan. In 1950, it was expanded through Gretna, Manitoba, to Superior, Wisconsin, in the United States. To operate the United States portion of the pipeline, the Lakehead Pipe Line Company (now Enbridge Energy Partners) was created. In 1953, the pipeline was expanded to Sarnia, Ontario, and in 1956 to Toronto and Buffalo, New York.

In 1953, IPL was listed on the Toronto and Montreal stock exchanges. In 1983, IPL built the Norman Wells pipeline and joined Frontier Pipeline Company. In 1986, through a series of stakes exchanges, IPL gained control of Home Oil and in 1988, it changed its name to Interhome Energy Inc. In 1991, it changed its name to Interprovincial Pipe Line Inc.

In 1992, Interprovincial Pipe Line Inc. was acquired by Interprovincial Pipe Line System Inc., which changed its name to IPL Energy Inc. in 1994, after the acquisition of Consumers' Gas (now Enbridge Gas Inc.) and diversification into the gas distribution business. In addition, it acquired stakes in AltaGas Services and the electric utility of Cornwall, Ontario. Through the 1990s, the company expanded its gas pipeline network and acquired a stake in the Chicap oil pipeline. It also built the Athabasca Pipeline from northeastern Alberta to the main pipeline system. In 1995, the company expanded its activities outside of North America by taking a stake in the Ocensa pipeline. This stake was sold in 2009. IPL Energy became Enbridge Inc in 1998. The Enbridge name is a portmanteau from "energy" and "bridge".

In the 2000s, Enbridge introduced several large projects. Enbridge made their first investment into renewable energy in 2002 with the purchase of a wind farm. In 2006, it announced the Enbridge Northern Gateway Pipelines Project from Athabasca to Kitimat, British Columbia. The same year, it announced the Alberta Clipper pipeline project from Hardisty, Alberta, to Superior, Wisconsin, to connect oil sands production area with the existing network. This pipeline became operational in 2010.

In 2009, Enbridge bought the Sarnia Photovoltaic Power Plant and expanded it up to 80 MW, which was the world's largest photovoltaic power station at that time.

In January 2017, Enbridge acquired Midcoast Energy Partners for $170 million in cash, and later in 2018, ArcLight acquired Midcoast Operating, L.P. from Enbridge for $1.1 billion.

Enbridge released its first annual sustainability report in 2001, and in November 2020, Enbridge expanded its environmental, social and governance (ESG) goals and targets. The company aims to achieve net-zero greenhouse gas emissions by 2050, with an interim target to reduce emissions intensity by 35% by 2030. That same year, President and CEO Al Monaco said that renewable power is now "the fourth Enbridge platform." Enbridge's ESG goals also aim to diversify its workforce with 28% representation from racial and ethnic groups and 40% from women by 2025.

In 2021, Enbridge was recognized as one of Canada's top 100 employers for the 18th time, and as one of Canada's best diversity employers for the seventh time.

In September 2023, it was announced Enbridge had agreed to acquire East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina, from Dominion Energy for a total enterprise value worth $14 billion. The acquisition will result in Enbridge being the largest natural gas utility franchise in North America.

Merger with Spectra Energy

On September 6, 2016, Enbridge agreed to buy Spectra Energy in an all-stock deal valued at about $28 billion.

Spectra, headquartered in Houston, Texas, operated in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra was formed in late 2006 as a spin-off from Duke Energy. Spectra owned the Texas Eastern Pipeline (TETCo), a major natural gas pipeline transporting gas from the Gulf of Mexico coast in Texas to the New York City area; TETCo was one of the largest pipeline systems in the United States. Spectra also operated three oil pipelines, numerous other gas pipelines and was proposing to build still 3 more gas pipelines in the U.S. The merger was completed on February 27, 2017.

Operations

Crude oil and liquids pipelines

The company is the largest transporter of crude oil in Canada with 3 million barrels per day of oil and liquids. The Enbridge Pipeline System is the world's longest crude oil and liquids pipeline system, with 27,564 km (17,127 mi) of active crude pipeline in both Canada and the United States. This pipeline network delivers 3 million barrels of oil per day.

Enbridge delivered more than 3.77 billion barrels of crude oil in 2020, and more than 29.5 billion barrels over the past decade, from 2011 through 2020 inclusive.

Enbridge has several new capacities and expansion projects, including the expansion of the Alberta Clipper, replacing of Line 6B, reversal of Line 9 and others. Its Light Oil Market Access initiative is a project to deliver light crude oil from North Dakota and Western Canada to refineries in Ontario, Quebec, and the U.S. Midwest. Eastern Access, including a reversal of Line 9, is a project to deliver oil to Western Canada and Bakken to refineries in Eastern Canada and the midwest and eastern U.S. Western Gulf Coast Access, including reversal and expansion of the Seaway Pipeline and the Flanagan South Pipeline, is a plan to connect Canadian heavy oil supply to refineries along the Gulf Coast of the United States.

Enbridge's oil pipelines cross North America, with 13,833 km (8,672 mi) of active pipe in the United States and 13,681 km (8500 mi) of active pipe in Canada. The list below outlines eight of those lines.

Line 1 is a 1,767 km (1,098 mi) pipeline that starts in Enbridge's Edmonton Terminal in Alberta, and runs to its Superior Terminal in Wisconsin. On average, this pipeline delivers 237,000 barrels of light crude, natural gas liquids, and refined products daily.

Line 2A is a 966 km (600 mi) pipeline that runs from an Enbridge terminal in Edmonton, Alberta, to its Cromer Terminal in Manitoba. On average, per day this pipeline carries 442,000 barrels of condensates, light crude, and heavy crude. Line 2B is an 808 km (502 mi) pipeline that runs from the same Cromer Terminal to the Superior Terminal in Wisconsin. That pipeline delivers on average 442,000 barrels of light crude oil per day.

Line 3 is a 1,769 km (1,099 mi) pipeline that runs from the Edmonton terminal to the Superior Terminal. Over half (1,070 km) of the pipeline is located in Canada, between Alberta and Manitoba. Per day, the pipeline transports an average of 390,000 barrels of light, medium and heavy crude oil.

Line 4 is a 1,722 km (1,101 mi) crude oil pipeline starting at the Edmonton terminal to the Superior terminal. This pipeline carries, on average, 390,000 barrels of light, medium and heavy crude oil per day.

Line 5 is a 1,038 km (645 mi) crude oil pipeline running from the Superior terminal in Wisconsin to Sarnia, Ontario. On average, this pipeline moves 540,000 barrels of natural gas liquids and light crude oil per day.

Alberta clipper Pipeline (Line 67) is a 1,790 km (1,112 mi) pipeline that runs from Hardisty, Alberta to Superior, Wisconsin. An average of 800,000 barrels of heavy crude oil is moved through this pipeline per day.

Southern Lights Pipeline (Line 13) is a 2,560 km (1,591 mi) pipeline that runs from Manhattan, Illinois to the Edmonton terminal. This pipeline carries on average, 180,000 barrels of diluent per day.

Natural gas pipelines

Enbridge's pipelines transport 20% of the natural gas consumed in the United States. It owns and operates Canada's largest natural gas distribution network, providing distribution services in Ontario and Quebec. Union Gas in Ontario now fully operates under Enbridge Gas Inc. In Quebec, Enbridge has interest ownership in Gazifère.

Enbridge builds, owns and operates a network of natural gas transmission pipelines across North America, connecting the continent's natural gas supply to major markets in Canada, the United States, Mexico, and further abroad.

Enbridge's natural gas network currently covers 38,375 km (23,850 mi) across five Canadian provinces, 30 U.S. states, and offshore in the Gulf of Mexico, transporting roughly 16.2 Bcf (billions of cubic feet per day) of natural gas.

Canadian gas transmission: major assets

B.C. Pipeline (2.9 Bcf/d): this pipeline system runs from Fort Nelson in northeastern British Columbia to the U.S. border at Huntington-Sumas stretching 2,858 km (1,776 mi). It transports 60 percent of all natural gas produced in B.C., and provides natural gas service to the province as well as US states including Oregon, Idaho, and Washington.

Alliance Pipeline (1.6bcf/d): running 3,848 km (2,391 mi) from northern British Columbia across the U.S.-Canada border to Aux Sable gas processing plant in Channahon, Illinois. Enbridge owns 50 percent of the Alliance Pipeline and 42% of the Aux Sable processing facility.

U.S. gas transmission: major assets

Algonquin Gas Transmission (3.12 Bcf/d): this pipeline is 1,129 miles long, and transports natural gas to markets in New York, New Jersey, and New England.

East Tennessee (1.86 Bcf/d): a natural gas pipeline 1,526 miles long, extending from Tennessee to the Southeast and Mid-Atlantic states, ending in Virginia.

Maritimes & Northeast Pipeline: this pipeline was constructed to bring natural gas produced in Atlantic Canada through to other Canadian provinces (Nova Scotia and New Brunswick), and into U.S. states (Maine, New Hampshire, and Massachusetts).

NEXUS Gas Transmission: measuring 257 miles long, this pipeline supplies natural gas markets in the U.S. Midwest and the Dawn Hub in Ontario. This is a 50/50 joint partnership between Enbridge and DTE Energy.

Sabal Trail: carries natural gas via a 287-mile pipeline to the U.S. Southeast. This is a joint partnership between Enbridge, NextEra Energy and Duke Energy.

Southeast Supply Header (SESH) (1.09 Bcf/d): a natural gas pipeline 287 miles in length, connecting gas supply in Texas and Louisiana to other natural gas markets in the Southeast US.

Texas Eastern (12.12 Bcf/d): delivers natural gas from Texas and the Gulf Coast through 8,532 miles of pipeline to markets in the Northeastern UW including New York, Boston, and Pittsburgh.

Valley Crossing Pipeline (2.6 Bcf/d): placed into service in November 2018, this pipeline moves Texas sourced natural gas to a Mexico State-owned power utility, the Comision Federal de Electricidad (CFE).

Vector Pipeline: this pipeline acts as a connector for other pipelines including the Alliance pipeline and NEXUS Gas Transmission to the Union Gas Dawn Hub.

DCP Midstream

DCP Midstream is a joint venture between Enbridge and Phillips 66. Phillips 66 is one of the largest petroleum services companies in the US, owning and operating 39 natural gas plants and 51,000 miles of gathering pipe. Headquartered in Denver, Colorado, DCP operates a portfolio of natural gas gathering, logistics, marketing and processing services across nine states.

Renewable energy generation

Enbridge made its first investment into renewable energy in 2002 with the purchase of a wind farm. To date Enbridge has invested in 23 wind farms, 7 solar energy projects, 5 waste heat recovery facilities, 1 geothermal project, 1 power transmission project and 1 hydroelectric facility.

Enbridge has a growing interest in European offshore wind energy, and its renewable assets are part of the company's plan to achieve net-zero emissions by 2050.

Power transmission

In February 2020, Enbridge sold its shares of Montana-Alberta Tie-Line (MATL) to Berkshire Hathaway Energy. The MATL project is a 300-megawatt (MW), 230-kilovolt (kV) electrical transmission line allowing movement of power between Alberta and Montana. The MATL project, which was placed in service the fall of 2013, supports ongoing development of a rich wind-powered generation resource and allows electrical energy to flow in both directions. The transmission line is 210 miles (345 km) long and runs between the Lethbridge, Alberta area and the Great Falls, Montana area. Roughly one-third of the line is in Canada and two-thirds in the U.S.

Natural gas utility

Enbridge Gas Inc. was formed on January 1, 2019, with the combination of Enbridge Gas Distribution and Union Gas. Its network consists of 5,471 km of gas transmission lines, 66,787 km of gas distribution service lines, and 78,214 km of gas distribution main lines.

They deliver to over 15 million people in Ontario and Quebec through 3.8 million residential, commercial, industrial, and institutional meter connections and distribute roughly 2.3 bcf/d of natural gas. Additionally, in southwestern Ontario they have the largest integrated underground storage facility in Canada, and one of North America's top natural gas trading hubs.

Enbridge's natural gas distribution also includes interest ownership in two additional natural gas distributors. This includes Gazfiére, serving people in Outaouais region of Quebec, and Ènergir LP, a company that operates gas transmission, gas distribution, and power distribution throughout Quebec and Vermont.

In September 2023, Enbridge agreed to acquire three natural gas utility companies from Dominion Energy for $14 billion. The companies include the East Ohio Gas Company, Questar Gas Company, and the Public Service Company of North Carolina. These companies serve 3 million customers in the states of Ohio, Utah, Wyoming, Idaho, and North Carolina. Upon completion of the acquisition, Enbridge Gas Inc. will become the largest natural gas utility in North America supplying 9 bcf/d to 7 million customers.

Oil spills, fires, and violations

Enbridge's pipeline was responsible for the largest inland oil spill in the United States in 1991, when 1,700,000 U.S. gal (6,400 m3) of oil ruptured from a buried pipeline in Grand Rapids, Minnesota, spilling crude into a wetland and a tributary of the Mississippi River.

Using data from Enbridge's own reports, the Polaris Institute calculated that 804 spills occurred on Enbridge pipelines between 1999 and 2010. These spills released approximately 161,475 barrels (25,672.5 m3) of crude oil into the environment.

On July 4, 2002, an Enbridge pipeline ruptured in a marsh near the town of Cohasset, Minnesota, in Itasca County, spilling 6,000 barrels (950 m3) of crude oil. In an attempt to keep the oil from contaminating the Mississippi River, the Minnesota Department of Natural Resources set a controlled burn that lasted for one day and created a smoke plume about 1-mile (1.6 km) high and 5 miles (8.0 km) long.

In 2006, there were 67 reportable spills totaling 5,663 barrels (900.3 m3) on Enbridge's energy and transportation and distribution system; in 2007 there were 65 reportable spills totalling 13,777 barrels (2,190.4 m3). On March 18, 2006, approximately 613 barrels (97.5 m3) of crude oil were released when a pump failed at Enbridge's Willmar terminal in Saskatchewan. According to Enbridge, roughly half the oil was recovered.

On January 1, 2007, an Enbridge pipeline that runs from Superior, Wisconsin to near Whitewater, Wisconsin, cracked open and spilled ~50,000 US gallons (190 m3) of crude oil onto farmland and into a drainage ditch. The same pipeline was struck by construction crews on February 2, 2007, in Rusk County, Wisconsin, spilling ~201,000 US gallons (760 m3) of crude, of which about 87,000 U.S. gal (330 m3) were recovered. Some of the oil filled a hole more than 20 feet (6.1 m) deep and contaminated the local water table.

In April 2007, roughly 6,227 barrels (990.0 m3) of crude oil spilled into a field downstream of an Enbridge pumping station near Glenavon, Saskatchewan.

On November 13, 2007, Enbridge discovered a leak on their 34-inch Line 3, at Mile Post 912, near Clearbrook, Minnesota. Later, the pipeline exploded during repairs, on November 27, causing the deaths of two employees. DOT officials said that two Enbridge workers died in a crude oil explosion as they worked to make repairs on this former Lakehead system pipeline. Enbridge was cited for failing to safely and adequately perform maintenance and repair activities, clear the designated work area from possible sources of ignition, and hire properly trained and qualified workers.

In January 2009, an Enbridge pipeline leaked about 4,000 barrels (640 m3) of oil southeast of Fort McMurray at the company's Cheecham Terminal tank farm. Most of the spilled oil was contained within berms but about 1% of the oil, about 40 barrels (6.4 m3), sprayed into the air and coated nearby snow and trees.

On January 2, 2010, Enbridge's Line 2 ruptured near Neche, North Dakota, releasing about 3,784 barrels of crude oil, of which 2,237 barrels (355.7 m3) was recovered. In April 2010, an Enbridge pipeline ruptured spilling more than 9.5 barrels (1.51 m3) of oil in Virden, Manitoba. This oil leaked into the Boghill Creek, which eventually connects to the Assiniboine River.

In the July 2010 Kalamazoo River oil spill, a leaking pipeline spilled more than 1,000,000 US gallons (3,800 m3) of oil sands crude oil into Talmadge Creek leading to the Kalamazoo River in southwest Michigan on July 26, near Marshall, Michigan. A United States Environmental Protection Agency update of the Kalamazoo River spill concluded the pipeline rupture "caused the largest inland oil spill in Midwest history" and reported the cost of the cleanup at $36.7 million (US) as of November 14, 2011. PHMSA raised concerns in a Corrective Action Order (CAO) about numerous anomalies that had been detected on this pipeline by internal line inspection tools, yet Enbridge had failed to check a number of those anomalies in the field. The Michigan spill affected more than 31 miles (50 km) of waterways and wetlands and about 320 people reported symptoms from crude oil exposure. The National Transportation Safety Board said at $800 million, it was the costliest onshore spill cleanup in U.S. history. The NTSB found Enbridge knew of a defect in the pipeline five years before it burst. In June 2013, a Kalamazoo man lodged himself into an Enbridge pipeline in Marshall, MI to protest Enbridge's lack of accountability for the 2010 spill and to encourage landowners along Enbridge's Line 6B expansion to offer increased resistance to construction in 2013. In 2014, Enbridge completed cleanup of the river per the EPA's order.

On September 9, 2010, a broken water line caused a rupture on Enbridge's Line 6A pipeline near Romeoville, Illinois, releasing an estimated 7,500 barrels (1,190 m3) of oil into the surrounding area.

On July 27, 2012, an Enbridge crude oil pipeline ruptured in Grand Marsh, Wisconsin, releasing an estimated 50,000 gallons of crude oil. The pipeline had been installed in 1998. Flaws in the longitudinal welds had been seen during X-ray checks of girth welds.

On June 22, 2013, Enbridge subsidiary Athabasca pipelines reported a pipeline leak of approximately 750 barrels of light synthetic crude oil from Line 37 near Enbridge's Cheecham, Alberta, terminal about 70 kilometres (43 mi) southeast of Fort McMurray. The 17-kilometre-long, 12-inch diameter pipe was constructed in 2006 and links the Long Lake oilsands upgrader to the Cheetham terminal as part of Enbridge's Athabasca system. Unusually heavy rainfall in the region, also responsible for the 2013 Alberta floods, may have caused "ground movement on the right-of way that may have impacted the pipeline." Enbridge's Athabasca (Line 19) shares a portion of right of way with Line 37 and Enbridge's Wood Buffalo/Waupisoo (Line 75/18), a major part of the network that serves Alberta's oilsands. All three lines were closed down as a precautionary measure. Operations between Hardisty and Cheecham were restored on June 23 when Enbridge's Athabasca pipeline (Line 19) was restored to service.

On July 1, 2013, WWMT News in Michigan reported that the Michigan Department of Environmental Quality had issued a citation against Enbridge for contamination of North Ore Creek by an Enbridge pipeline maintenance activity.

On January 30, 2017, a road crew in Texas punctured the Seaway S-1 crude oil pipeline, which is jointly owned by Enterprise Products Partners and Enbridge through the joint venture Seaway Crude Pipeline Company. Two days later, it was unclear how much oil had spilled over the nearby Highway 121 northeast of Dallas. After the incident, supply concerns reportedly helped push "oil prices 2% higher in early trading to nearly $54 a barrel."

On October 9, 2018, Enbridge's Westcoast Pipeline exploded in Shelley, British Columbia, sparking a massive fireball and leading to shortages of natural gas throughout British Columbia.

On April 26, 2019, an Enbridge 20 inch diameter pipeline was found to be leaking at a valve, in Fort Atkinson, Wisconsin. Up to 1,386 gallons of liquids leaked from the valve, causing contamination of groundwater & soil. The Wisconsin Department of Natural Resources was not notified of this leak until July 31, 2020, with Enbridge claiming they thought this was smaller than the reporting size limit.

On August 1, 2019, a Texas Eastern Transmission, LP, a division of Enbridge, 30-inch gas transmission pipeline exploded and burned in Stanford, Kentucky. One person was killed, and five others were injured. Five homes were destroyed and at least four were damaged in the Indian Camp mobile home park in Stanford, where the explosion occurred. Flames reached more than 300 feet hig, and melted tar on nearby roads, officials said.

On November 11, 2024 Enbridge's Line 6 pipeline spilled 69,300 gallons of crude oil underground. According to Enbridge, the spilt oil was a result of a faulty connection on a pump transfer pipe. An Enbridge technician was the first to discover the spill in Oakland, Jefferson County, Wisconsin. Enbridge in response started soil removal in polluted areas from the spill.

Protests

In May 2012, West Coast First Nations members and supporters protested near Enbridge's Annual Shareholder's meeting, against the proposed Northern Gateway Project and on May 31, 2012, the Vancouver Observer reported about 40 protesters outside the Canadian Oil and Gas Export Summit, protesting the proposed Enbridge Northern Gateway Project.

On July 17, 2012, a group calling itself "We are the Kalamazoo" protested against Enbridge's response to the Kalamazoo spill and its plans to construct the line 6B pipeline. This protest was on the second anniversary of the Kalamazoo spill.

On November 12, 2012, the Lansing State Journal reported that the head of the Line 6B Pipeline project stated that he had never seen as much organized landowner resistance despite 30 years in the pipeline industry. They noted that this was probably because of the 2010 Kalamazoo River spill.

In May 2013, Hamilton area residents protested the reversal of flow in Line 9 and temporarily closed Ontario Highway 6. Later that year, on June 6, 2013, a group called Hamilton 350 sent a letter of complaint to the Hamilton (Ontario) police service (HPS) for accepting over $44,000 in donations from Enbridge. The letter questions whether police officers would be impartial during any anti-Enbridge protests, given the donation.

On June 26, 2013, Hamilton Police arrested at least 10 people who occupied an Enbridge compound for six days to protest the expansion of Enbridge's Line 9 and intent to ship diluted bitumen through the line.

On July 22, 2013, a group of protesters locked themselves to equipment at an Enbridge pipeline construction site in Stockbridge, Michigan. Protesters stated that they had to take matters into their own hands given that state regulators were failing the public, "We felt that there was no other option."

A September 16, 2013, "Inside Climate News" report by journalist David Hasemeyer describes how many Michigan landowners are concerned about the safety of new Enbridge pipeline being laid within a few feet of their homes, and the lack of regulations for how close a pipeline can be constructed to an existing home. The article quotes Richard Kuprewicz, President of an engineering consulting company and an adviser to Pipeline Hazardous Materials Administration: "Clearly the pipeline safety regulations aren't adequate in this area and the siting regulations aren't adequate," Kuprewicz said. "It's a bad combination."

In September 2016, a group of Native Americans protested the construction of the Dakota Access Pipeline, which Enbridge had announced plans to acquire a portion of in a $2 billion deal.

In November 2020, Michigan Governor Gretchen Whitmer revoked a 1953 easement for an Enbridge pipeline connecting two parts of the Great Lakes through the Straits of Mackinac.

In June 2021, Enbridge resumed construction on the Line 3 replacement project in Northern Minnesota after taking a brief planned break. Enbridge's plans to expand its Line 3 pipeline in Minnesota along a new route have been met with prolonged resistance from Native communities and activists calling themselves water protectors.

In January 2022, a group of about 400 met in front of a Bank of America location in Austin to protest Enbridge's plans to expand the Moda Ingleside Energy Center onto historic Karankawa land in Corpus Christi, Texas.

In September, 2023, in a trial flawed by numerous protocol breaches on the part of the prosecution and local authorities, Mylene Vialard was found guilty of felony obstruction. According to the article, Vialard was among more than a thousand arrests by Minnesota law enforcement – which along with other agencies received at least $8.6m in payments from Enbridge.

In 2024, the film Bad River was released. The film documented Enbridge's trespassing on the Bad River reservation with Line 5 and the local community's struggle to get the pipeline removed. It also covered how Enbridge attempted to influence the Bad River tribal elections.

Technology and innovation

Enbridge has two Technology and Innovation labs. In January 2019, the first lab opened in Calgary, Alberta. In April 2019, the second lab opened in Houston, Texas. The labs use industrial predictive algorithms, machine learning, and sentiment analysis to find efficiencies within the company and help improve safety and reliability of their pipeline infrastructure.

The labs have developed ways to get sensor data from pipelines, helping to improve flows of natural gas and crude oil terminals. Additionally, the labs have helped enhance pipeline leak detection, and ensure better maintenance schedules. For renewable energy projects, the labs have developed different ways to reposition wind turbine blades to help maximize wind power generation.

Financials

Dollar amounts in millions of Canadian dollars unless otherwise noted, with the exception of employee numbers. Additionally, earnings are after income tax and unadjusted. Employee count is approximate and includes both permanent and temporary employees.

Leadership

President

Dr Oliver Baker Hopkins, 1949–1951

Thomas Stuart Johnston, 1951–1967

David George Waldon, 1967–1977

Robert Kneeland Heule, 1977–1985

George Edward Courtnage, 1985–1986

Richard Francis Haskayne, 1987–1991

Brian Frederick MacNeill, 1991–2000

Patrick Darold Daniel, 2000–2012

Albert Monaco, 2012–2023

Gregory Lorne Ebel, 2023–present

Chairman of the Board

Thomas Stuart Johnston, 1967–1968

David George Waldon, 1977–1978

Robert Kneeland Heule, 1985–1989

Richard Francis Haskayne, 1989–1991

Hugh Gordon MacNeill, 1991–1996

Donald James Taylor, 1996–2005

David Allen Arledge, 2005–2017

Gregory Lorne Ebel, 2017–2022

Pamela Lynn Carter, 2023–2025

Steven Walter Williams, 2025–present

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ENB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$51.23
Market Cap
P/E (TTM)
14.9
EPS (TTM)
$3.22
Revenue (TTM)
$65.19B
Div Yield
ROE
Debt/Equity
52W Range
$45 – $58

ENB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $65.19B
10-point trend, +88.6%
2016-12-31 2025-12-31
EPS $3.22
9-point trend, +95.2%
2017-12-31 2025-12-31
Free Cash Flow
2-point trend, +317.0%
2017-12-31 2018-12-31
Margins

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ENB
Peer Median
P/E (TTM)
5-point trend, +9.1%
14.9
16.7

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ENB
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ENB
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ENB
Peer Median
Revenue YoY
5-point trend, +38.5%
21.9%
Revenue CAGR 3Y
5-point trend, +38.5%
6.9%
Revenue CAGR 5Y
5-point trend, +38.5%
10.8%
EPS YoY
5-point trend, +12.2%
37.6%
Net Income YoY
5-point trend, +21.0%
37.7%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ENB
Peer Median
EPS (Diluted)
5-point trend, +12.2%
$3.22

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ENB
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
Aug. 14, 2026$0.6960
May 15, 2026$0.7070
Feb. 17, 2026$0.7120
Aug. 15, 2025$0.6830
May 15, 2025$0.6800
Feb. 14, 2025$0.6700
Nov. 15, 2024$0.6530
Aug. 15, 2024$0.6680
May 14, 2024$0.6700
Feb. 14, 2024$0.6750
Nov. 14, 2023$0.6430
Aug. 14, 2023$0.6600
May 12, 2023$0.6580
Feb. 14, 2023$0.6660
Nov. 14, 2022$0.6490
Aug. 12, 2022$0.6740
May 12, 2022$0.6620
Feb. 14, 2022$0.6750
Nov. 12, 2021$0.6640
Aug. 12, 2021$0.6680

ENB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 28 analysts
  • Strong Buy 4 14.3%
  • Buy 8 28.6%
  • Hold 15 53.6%
  • Sell 0 0.0%
  • Strong Sell 1 3.6%

12-Month Price Target

4 analysts · 2026-08-19
Median target $52.60 +2.7%
Mean target $52.93 +3.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.04%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.63 $0.59 0.04%
March 31, 2026 $0.98 $0.95 0.03%
Dec. 31, 2025 $0.88 $0.78 0.10%
Sept. 30, 2025 $0.46 $0.52 -0.06%
June 30, 2025 $0.65 $0.58 0.07%
March 31, 2025 $1.03 $0.97 0.06%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Revenue 11-point trend, +92.9% $65.19B $53.47B $43.65B $53.31B $47.07B $39.09B $50.07B $46.38B $44.38B $34.56B $33.79B
Cost of Revenue 9-point trend, -15.4% · · $21.37B $32.59B $28.70B $20.67B $31.00B $29.40B $28.64B $24.00B $25.24B
SG&A Expense 11-point trend, +141.3% $9.97B $9.43B $8.60B $8.22B $6.71B $6.75B $6.99B $6.79B $6.44B $4.36B $4.13B
Operating Expenses 11-point trend, +69.8% $54.24B $43.82B $35.00B $48.13B $39.27B $31.13B $41.81B $41.56B $42.81B $31.98B $31.93B
Operating Income 11-point trend, +488.5% $10.96B $9.65B $8.65B $5.18B $7.80B $7.96B $8.26B $4.82B $1.57B $2.58B $1.86B
Interest Expense 11-point trend, +209.3% $5.02B $4.42B $3.81B $3.18B $2.65B $2.79B $2.66B $2.70B $2.56B $1.59B $1.62B
Other Non-op 11-point trend, +1756.8% $1.63B $-1.33B $1.22B $-589M $979M $238M $258M $516M $199M $93M $88M
Pretax Income 11-point trend, +88927.3% $9.79B $7.30B $7.88B $4.54B $7.73B $4.19B $7.54B $3.57B $569M $2.45B $11M
Income Tax 11-point trend, +1078.8% $2.00B $1.67B $1.82B $1.60B $1.42B $774M $1.71B $237M $-2.70B $142M $170M
Net Income 11-point trend, +2884.5% $7.49B $5.44B $6.19B $3.00B $6.19B $3.36B $5.71B $2.88B $2.86B $2.07B $251M
EPS (Basic) 9-point trend, +94.6% $3.23 $2.34 $2.84 $1.28 $2.87 $1.48 $2.64 $1.46 $1.66 · ·
EPS (Diluted) 9-point trend, +95.2% $3.22 $2.34 $2.84 $1.28 $2.87 $1.48 $2.63 $1.46 $1.65 · ·
Shares (Basic) 11-point trend, +157.4% 2,180,000,000 2,155,000,000 2,056,000,000 2,025,000,000 2,023,000,000 2,020,000,000 2,017,000,000 1,724,000,000 1,525,000,000 911,000,000 847,000,000
Shares (Diluted) 11-point trend, +158.1% 2,186,000,000 2,158,000,000 2,058,000,000 2,029,000,000 2,025,000,000 2,021,000,000 2,020,000,000 1,727,000,000 1,532,000,000 918,000,000 847,000,000
EBITDA 2-point trend, +70.3% · · · · · · · $8.06B $4.73B · ·
Balance Sheet 26
Annual Balance Sheet data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, +67.3% $1.09B $1.80B $5.90B $861M $286M $452M $648M $518M $480M $1.49B $654M
Inventory 10-point trend, +31.5% $1.62B $1.49B $1.48B $2.25B $1.67B $1.54B $1.30B $1.34B $1.53B $1.23B ·
Other Current Assets 4-point trend, -0.8% $3.23B $2.77B $2.44B $3.25B · · · · · · ·
Current Assets 10-point trend, +69.4% $13.20B $13.16B $14.40B $12.15B $8.96B $7.35B $8.71B $8.57B $9.21B $7.79B ·
PP&E (Net) 10-point trend, +104.7% $131.60B $131.10B $104.64B $104.46B $100.07B $94.57B $93.72B $94.54B $90.71B $64.28B ·
PP&E (Gross) 5-point trend, +49.5% · · · · · $117.95B $113.96B $112.40B $105.81B $78.89B ·
Accum. Depreciation 5-point trend, +60.0% · · · · · $23.38B $20.24B $17.86B $15.10B $14.61B ·
Goodwill 10-point trend, +45135.9% $35.28B $36.60B $31.85B $32.44B $32.77B $32.69B $33.15B $34.46B $34.46B $78M ·
Intangibles 10-point trend, +153.7% $3.99B $4.59B $3.54B $4.02B $4.01B $2.08B $2.17B $2.37B $3.27B $1.57B ·
Total Assets 10-point trend, +156.4% $218.47B $218.97B $180.32B $179.61B $168.86B $160.28B $163.16B $166.91B $162.09B $85.21B ·
Accrued Liabilities 7-point trend, +40.8% · · · $5.24B $4.47B $3.50B $4.54B $4.60B $5.13B $3.72B ·
Short-term Debt 10-point trend, +193.4% $1.03B $529M $400M $2.00B $1.51B $1.12B $898M $1.02B $1.44B $351M ·
Current Liabilities 10-point trend, +70.2% $21.00B $23.81B $17.43B $20.30B $18.23B $13.98B $15.90B $14.86B $14.62B $12.34B ·
Capital Leases 7-point trend, -14.8% $587M $738M $652M $677M $612M $681M $689M · · · ·
Deferred Tax 10-point trend, +236.0% $20.28B $19.60B $15.03B $13.78B $11.69B $10.33B $9.87B $9.45B $9.29B $6.04B ·
Other Non-current Liabilities 10-point trend, +147.0% $12.30B $13.26B $8.65B $9.19B $7.62B $8.78B $8.32B $8.83B $7.51B $4.98B ·
Total Liabilities 10-point trend, +154.9% $152.55B $150.08B $115.83B $116.21B $105.50B $95.91B $93.75B $93.47B $92.29B $59.85B ·
Long-term Debt 9-point trend, +65.9% $104.41B $101.82B $80.44B $78.74B $73.81B $65.36B $63.59B $62.97B $62.93B · ·
Total Debt 2-point trend, -29.1% · · · · · · · $1.02B $1.44B · ·
Common Stock 10-point trend, +585.1% $71.88B $71.74B $69.18B $64.76B $64.80B $64.77B $64.75B $64.68B $50.74B $10.49B ·
Paid-in Capital 10-point trend, -92.9% $242M $275M $268M $275M $365M $277M $187M $0 $3.19B $3.40B ·
Retained Earnings 10-point trend, -2872.6% $-21.28B $-20.05B $-17.11B $-15.49B $-10.99B $-9.99B $-6.31B $-5.54B $-2.47B $-716M ·
AOCI 10-point trend, +342.4% $4.68B $7.12B $2.30B $3.52B $-1.10B $-1.40B $-272M $2.67B $-973M $1.06B ·
Stockholders' Equity 10-point trend, +191.5% $62.33B $65.90B $61.45B $59.89B $60.83B $61.37B $66.04B $69.47B $58.13B $21.39B ·
Liabilities + Equity 10-point trend, +156.4% $218.47B $218.97B $180.32B $179.61B $168.86B $160.28B $163.16B $166.91B $162.09B $85.21B ·
Shares Outstanding 11-point trend, +151.4% 2,182,000,000 2,178,000,000 2,125,000,000 2,025,000,000 2,026,000,000 2,026,000,000 2,025,000,000 2,022,000,000 1,695,000,000 943,000,000 868,000,000
Cash Flow 18
Annual Cash Flow data for ENB
Metric Trend 20252024202320222021202020192018201720162015
D&A 11-point trend, +179.7% $5.66B $5.17B $4.61B $4.32B $3.85B $3.71B $3.39B $3.25B $3.16B $2.24B $2.02B
Deferred Tax 11-point trend, +14542.9% $1.02B $719M $1.42B $957M $1.09B $447M $1.16B $-148M $-2.88B $43M $7M
Amort. of Intangibles 11-point trend, +238.0% $534M $530M $535M $483M $348M $294M $296M $281M $280M $177M $158M
Other Non-cash 2-point trend, +74.0% · · · · · · · $5.44B $3.12B · ·
Operating Cash Flow 11-point trend, +168.4% $12.27B $12.60B $14.20B $11.23B $9.26B $9.78B $9.40B $10.50B $6.66B $5.21B $4.57B
CapEx 11-point trend, +23.4% $8.97B $6.71B $4.65B $4.65B $7.82B $5.41B $5.49B $6.81B $8.29B $5.13B $7.27B
Investing Cash Flow 11-point trend, -32.4% $-10.50B $-20.36B $-6.04B $-5.27B $-10.66B $-5.18B $-4.66B $-3.02B $-11.04B $-5.15B $-7.93B
Debt Issued 7-point trend, +113.2% · · · · $8.03B $5.23B $6.18B $3.54B $9.48B $4.08B $3.77B
Net Debt Issued 2-point trend, -120.5% · · · · · · · $-908M $4.43B · ·
Stock Issued 11-point trend, -50.9% $28M $2.48B $4.45B $3M $5M $5M $18M $21M $1.55B $2.26B $57M
Stock Repurchased 6-point trend, +0.00 $0 $0 $125M $151M $0 $0 · · · · ·
Net Stock Activity 2-point trend, -98.6% · · · · · · · $21M $1.50B · ·
Dividends Paid 10-point trend, +614.8% $8.22B $7.88B $7.28B $6.97B $6.77B $6.56B $5.97B $3.48B $2.75B $1.15B ·
Financing Cash Flow 11-point trend, -178.1% $-2.40B $3.54B $-2.86B $-5.43B $1.24B $-4.77B $-4.75B $-7.50B $3.48B $840M $3.07B
Net Change in Cash 11-point trend, -369.0% $-680M $-3.98B $5.08B $587M $-170M $-186M $39M $50M $-975M $874M $-145M
Taxes Paid 11-point trend, +1408.8% $1.21B $861M $578M $495M $489M $524M $571M $277M $172M $194M $80M
Free Cash Flow 2-point trend, +317.0% · · · · · · · $3.70B $-1.70B · ·
Levered FCF 2-point trend, +107.2% · · · · · · · $1.17B $-16.37B · ·
Profitability 7
Annual Profitability data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Operating Margin 2-point trend, +193.2% · · · · · · · 10.4% 3.5% · ·
Net Margin 2-point trend, -3.6% · · · · · · · 6.2% 6.4% · ·
Pretax Margin 2-point trend, +501.6% · · · · · · · 7.7% 1.3% · ·
EBITDA Margin 2-point trend, +62.9% · · · · · · · 17.4% 10.7% · ·
ROA 2-point trend, -24.2% · · · · · · · 1.8% 2.3% · ·
ROE 2-point trend, -37.1% · · · · · · · 4.5% 7.2% · ·
ROIC 2-point trend, -57.9% · · · · · · · 6.4% 15.1% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 2-point trend, -8.4% · · · · · · · 0.6 0.6 · ·
Quick Ratio 2-point trend, +6.4% · · · · · · · 0.0 0.0 · ·
Debt / Equity 2-point trend, -40.7% · · · · · · · 0.0 0.0 · ·
Interest Coverage 2-point trend, +189.9% · · · · · · · 1.8 0.6 · ·
Efficiency 2
Annual Efficiency data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 2-point trend, -21.5% · · · · · · · 0.3 0.4 · ·
Inventory Turnover 2-point trend, -1.1% · · · · · · · 20.5 20.7 · ·
Per Share 6
Annual Per Share data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 2-point trend, +0.2% · · · · · · · $34.36 $34.30 · ·
Revenue / Share 2-point trend, -7.3% · · · · · · · $26.85 $28.97 · ·
Cash Flow / Share 2-point trend, +41.5% · · · · · · · $6.08 $4.30 · ·
Cash / Share 2-point trend, -9.5% · · · · · · · $0.26 $0.28 · ·
Dividend Paid / Share 11-point trend, +102.7% $4 $4 $4 $3 $3 $3 $3 $3 $2 $2 $2
EPS (TTM) 9-point trend, +95.2% $3.22 $2.34 $2.84 $1.28 $2.87 $1.48 $2.63 $1.46 $1.65 · ·
Growth Rates 10
Annual Growth Rates data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, +7.3% 21.9% 22.5% -18.1% 13.2% 20.4% · · · · · ·
Revenue CAGR 3Y 3-point trend, +85.1% 6.9% 4.3% 3.8% · · · · · · · ·
Revenue CAGR 5Y 10.8% · · · · · · · · · ·
EPS YoY 5-point trend, -60.0% 37.6% -17.6% 121.9% -55.4% 93.9% · · · · · ·
EPS CAGR 3Y 3-point trend, +48.3% 36.0% -6.6% 24.3% · · · · · · · ·
EPS CAGR 5Y 16.8% · · · · · · · · · ·
Net Income YoY 5-point trend, -55.2% 37.7% -12.1% 106.2% -51.5% 84.0% · · · · · ·
Net Income CAGR 3Y 3-point trend, +57.9% 35.6% -4.2% 22.6% · · · · · · · ·
Net Income CAGR 5Y 17.4% · · · · · · · · · ·
Dividend CAGR 5Y 4.6% · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for ENB
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 9-point trend, +46.9% $65.19B $53.47B $43.65B $53.31B $47.07B $39.09B $50.07B $46.38B $44.38B · ·
Net Income TTM 9-point trend, +162.0% $7.49B $5.44B $6.19B $3.00B $6.19B $3.36B $5.71B $2.88B $2.86B · ·
Market Cap 2-point trend, -5.2% · · · · · · · $62.84B $66.29B · ·
Enterprise Value 2-point trend, -5.8% · · · · · · · $63.35B $67.26B · ·
P/E 9-point trend, -37.3% 14.9 18.1 12.7 30.5 13.6 21.6 15.1 21.3 23.7 · ·
P/S 2-point trend, -9.3% · · · · · · · 1.4 1.5 · ·
P/B 2-point trend, -20.7% · · · · · · · 0.9 1.1 · ·
P / Tangible Book 6-point trend, +85.8% 4.5 3.7 2.9 3.4 3.3 2.4 · · · · ·
P / Cash Flow 2-point trend, -40.6% · · · · · · · 6.0 10.1 · ·
P / FCF 2-point trend, +143.7% · · · · · · · 17.0 -38.9 · ·
EV / EBITDA 2-point trend, -44.7% · · · · · · · 7.9 14.2 · ·
EV / FCF 2-point trend, +143.4% · · · · · · · 17.1 -39.5 · ·
EV / Revenue 2-point trend, -9.9% · · · · · · · 1.4 1.5 · ·
Dividend Yield 2-point trend, +33.5% · · · · · · · 5.5% 4.2% · ·
Earnings Yield 9-point trend, +59.5% 6.7% 5.5% 7.9% 3.3% 7.3% 4.6% 6.6% 4.7% 4.2% · ·
Payout Ratio 2-point trend, -1.4% · · · · · · · 120.8% 122.4% · ·
Annual Payout 9-point trend, +198.9% $8.22B $7.88B $7.28B $6.97B $6.77B $6.56B $5.97B $3.48B $2.75B · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $65.19B$53.47B$43.65B$53.31B$47.07B
Net Income $7.49B$5.44B$6.19B$3.00B$6.19B
Diluted EPS $3.22$2.34$2.84$1.28$2.87

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Institutional owners (13F) 1,640 filers · $38.7B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
101 (-87 vs prior Q) 80 (+13 vs prior Q) 542 (+46 vs prior Q) 488 (-46 vs prior Q) +20.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $3,404,579,535 62,781,529 8.80% Shares
GQG Partners LLC $2,646,936,674 48,827,739 6.84% Shares
TD Asset Management Inc $1,695,480,638 31,276,338 4.38% Shares
MACKENZIE FINANCIAL CORP $1,626,748,636 21,151,328 4.20% Shares
1832 Asset Management L.P. $1,551,523,593 28,620,616 4.01% Shares
CIBC WORLD MARKET INC. $1,395,383,413 25,754,086 3.61% Shares
NORGES BANK $1,301,348,283 24,021,424 3.36% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,234,671,090 22,075,255 3.19% Shares
Connor, Clark & Lunn Investment Management Ltd. $1,075,882,702 19,859,266 2.78% Shares
VANGUARD FIDUCIARY TRUST CO $1,049,283,754 19,349,126 2.71% Shares
Vanguard Global Advisers, LLC $908,854,288 16,759,562 2.35% Shares
TD Waterhouse Canada Inc. $863,952,233 16,189,798 2.23% Shares
SCOTIA CAPITAL INC. $778,118,150 14,359,061 2.01% Shares
CIBC Asset Management Inc $763,981,423 14,080,398 1.97% Shares
Blackstone Inc. $739,416,865 13,639,861 1.91% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $599,708,731 11,079,469 1.55% Shares
GOLDMAN SACHS GROUP INC $597,936,842 11,030,010 1.55% Shares
CANADA PENSION PLAN INVESTMENT BOARD $585,113,425 10,800,535 1.51% Shares
BANK OF NOVA SCOTIA $485,527,072 8,953,708 1.25% Shares
ONTARIO TEACHERS PENSION PLAN BOARD $467,781,621 8,634,722 1.21% Shares
NATIONAL BANK OF CANADA /FI/ $452,446,976 8,362,948 1.17% Shares
Federation des caisses Desjardins du Quebec $424,311,616 7,845,135 1.10% Shares
Morgan Stanley Institutional Investment Advisors LLC $400,550,904 7,388,875 1.04% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $383,510,312 7,074,571 0.99% Shares
Swiss National Bank $381,285,813 7,051,631 0.99% Shares
TORTOISE CAPITAL ADVISORS, L.L.C. $322,887,834 5,956,241 0.83% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $310,768,908 5,732,686 0.80% Shares
Capital World Investors $273,191,333 5,039,487 0.71% Shares
FEDERATED HERMES, INC. $265,113,246 4,890,486 0.69% Shares
Legal & General Group Plc $258,697,663 4,772,191 0.67% Shares
Caisse de depot et placement du Quebec $256,283,148 4,727,626 0.66% Shares
VANGUARD ASSET MANAGEMENT, Ltd $251,476,792 4,637,312 0.65% Shares
Orbis Allan Gray Ltd $234,039,152 4,317,269 0.60% Shares
ENVESTNET ASSET MANAGEMENT INC $208,427,084 3,844,716 0.54% Shares
THORNBURG INVESTMENT MANAGEMENT INC $199,114,707 3,674,988 0.51% Shares
LPL Financial LLC $198,562,471 3,662,839 0.51% Shares
Quadrature Capital Ltd $191,246,371 3,527,900 0.49% Shares
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp $187,873,323 3,467,930 0.49% Shares
PICTON MAHONEY ASSET MANAGEMENT $182,385,804 3,371,682 0.47% Shares
WESTWOOD HOLDINGS GROUP INC $180,709,793 3,333,514 0.47% Shares
VANGUARD GROUP INC $179,994,083 3,761,396 0.47% Shares
DIMENSIONAL FUND ADVISORS LP $171,531,960 3,164,213 0.44% Shares
MUFG SECURITIES (CANADA), LTD. $167,235,510 3,088,830 0.43% Shares
Vontobel Holding Ltd. $164,920,298 3,044,243 0.43% Shares
JONES FINANCIAL COMPANIES LLLP $164,552,531 2,925,899 0.43% Shares
Rare Infrastructure Ltd $163,855,321 3,615,519 0.42% Shares
SIG North Trading, ULC $157,078,896 2,897,600 0.41% Put option
RAYMOND JAMES FINANCIAL INC $156,779,196 2,892,071 0.41% Shares
Maryland State Retirement & Pension System $141,303,858 2,608,729 0.37% Shares
Nuveen, LLC $137,441,036 2,535,345 0.36% Shares
Nuveen Asset Management, LLC $131,929,903 3,109,373 0.34% Shares
UBS Group AG $128,172,443 2,364,369 0.33% Shares
Public Sector Pension Investment Board $124,655,112 2,300,993 0.32% Shares
Addenda Capital Inc. $119,938,684 1,559,468 0.31% Shares
Vanguard Investments Australia, Ltd. $118,150,783 2,178,738 0.31% Shares
Clearbridge Investments, LLC $112,430,290 2,073,977 0.29% Shares
AVIVA PLC $112,375,519 2,075,706 0.29% Shares
DAVENPORT & Co LLC $104,577,220 1,918,470 0.27% Shares
M&G PLC $103,896,950 1,937,470 0.27% Shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC $102,750,989 1,895,425 0.27% Shares
ANTIPODES PARTNERS Ltd $101,820,763 1,878,276 0.26% Shares
D. E. Shaw & Co., Inc. $101,412,636 1,872,000 0.26% Put option
SIG North Trading, ULC $96,033,015 1,771,500 0.25% Call option
CINCINNATI INSURANCE CO $89,285,225 1,647,025 0.23% Shares
ROYAL BANK OF CANADA $86,736,000 1,600,000 0.22% Put option
MUFG Securities EMEA plc $86,627,240 1,600,000 0.22% Shares
Bank of New York Mellon Corp $86,306,765 1,592,082 0.22% Shares
JARISLOWSKY, FRASER Ltd $84,334,654 1,671,318 0.22% Shares
Periscope Capital Inc. $81,000,277 1,494,300 0.21% Call option
Cetera Investment Advisers $80,833,637 1,491,042 0.21% Shares
CAPITAL ADVISORS INC/OK $80,623,334 1,487,241 0.21% Shares
Aviso Financial Inc. $78,891,371 1,455,454 0.20% Shares
Maple-Brown Abbott Ltd $77,976,459 1,761,951 0.20% Shares
D. E. Shaw & Co., Inc. $77,673,845 1,433,800 0.20% Call option
RNC CAPITAL MANAGEMENT LLC $75,056,226 1,384,546 0.19% Shares
Hillsdale Investment Management Inc. $75,017,479 1,384,813 0.19% Shares
NEUBERGER BERMAN GROUP LLC $74,171,888 1,367,772 0.19% Shares
State of Tennessee, Department of Treasury $66,573,947 1,228,082 0.17% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $65,079,655 1,200,517 0.17% Shares
NEOS Investment Management LLC $63,815,541 1,177,198 0.16% Shares
Brookfield Corp /ON/ $63,721,197 1,175,451 0.16% Shares
MILLER HOWARD INVESTMENTS INC /NY $63,240,293 1,166,580 0.16% Shares
KAYNE ANDERSON CAPITAL ADVISORS LP $62,287,941 1,149,012 0.16% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $62,087,109 1,146,000 0.16% Shares
Cullen Capital Management, LLC $62,076,484 1,145,111 0.16% Shares
EXCHANGE TRADED CONCEPTS, LLC $62,011,361 1,143,910 0.16% Shares
GUARDIAN CAPITAL LP $61,588,010 1,136,107 0.16% Shares
AGF MANAGEMENT LTD $60,661,147 788,729 0.16% Shares
Alberta Investment Management Corp $57,161,341 1,055,134 0.15% Shares
Korea Investment CORP $56,539,678 1,042,981 0.15% Shares
Pictet Asset Management Holding SA $54,263,645 1,000,995 0.14% Shares
Purpose Unlimited Inc. $52,210,510 962,952 0.13% Shares
BARCLAYS PLC $51,936,487 958,061 0.13% Shares
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT $51,851,865 956,500 0.13% Shares
ASSETMARK, INC $49,872,978 919,996 0.13% Shares
Woodbridge Co Ltd $49,233,522 908,200 0.13% Shares
Harvest Portfolios Group Inc. $48,342,483 891,454 0.12% Shares
Recurrent Investment Advisors LLC $47,861,617 882,892 0.12% Shares
Trajan Wealth LLC $45,251,499 834,744 0.12% Shares
GABELLI FUNDS LLC $43,305,659 798,850 0.11% Shares

Company insiders 24 insiders · 10 officers · 15 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Albert Monaco President & Chief Executive Officer June 5, 2019 P 824,530 0 0 $0
Colin K Gruending Executive Vice President & Chief Financial Officer June 1, 2019 A 0 0 $0
John K Whelen Executive Vice President & Chief Financial Officer March 8, 2019 D 199,900 0 0 $0
William T. Yardley Executive Vice President & President, Gas Transmission & Midstream May 8, 2019 A 94,770 0 0 $0
Guy D Jarvis Executive Vice President & President, Liquids Pipelines March 8, 2019 M 71,635 0 0 $0
Byron C Neiles Executive Vice President, Corporate Services March 8, 2019 D 65,008 0 0 $0
Allen C Capps Senior Vice President & Chief Accounting Officer March 8, 2019 D 1,371 0 0 $0
Vernon D Yu Executive Vice President & Chief Development Officer March 8, 2019 D 87,912 0 0 $0
Cynthia L Hansen Executive Vice President & President, Utilities & Power Operations March 1, 2019 P 6,467 0 0 $0
Robert R Rooney Executive Vice President & Chief Legal Officer Feb. 21, 2019 A 18,096 0 0 $0
Charles W Fischer Director June 14, 2019 A 31,169 0 0 $0
Marcel Rosaire Coutu Director June 14, 2019 A 0 0 $0
Catherine Lynne Williams Director June 14, 2019 A 52,721 0 0 $0
James Herbert England Director June 14, 2019 A 27,327 0 0 $0
Pamela L Carter Director June 14, 2019 A 42,559 0 0 $0
Dan C Tutcher Director June 14, 2019 A 203,838 0 0 $0
Susan M Cunningham Director June 14, 2019 A 404 0 0 $0
Gregory L Ebel Director June 14, 2019 A 648,080 0 0 $0
Darkes V Maureen Kempston Director June 14, 2019 A 0 0 $0
MADDEN TERESA S Director June 14, 2019 A 0 0 $0
Michael E J Phelps Director March 22, 2019 A 55,645 0 0 $0
Clarence P Cazalot JR Director March 22, 2019 A 132,955 0 0 $0
Michael Mcshane Director Sept. 21, 2018 A 0 0 $0
Rebecca B Roberts Director March 23, 2018 A 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Enbridge Energy Company, Inc., Enbridge (U.S.) Inc., Enbridge US Holdings Inc. Not applicable., Enbridge Inc. ×9 filings Dec. 20, 2018 Initial filing M&A / sale SEC
Spectra Energy Corp (“ Spectra Energy ”), Spectra Energy Capital, LLC (“ SE Capital ”), Spectra Energy Transmission, LLC (“ SE Transmission ”), Spectra Energy Southeast Supply Header, LLC (“ SESSH ”), Spectra Energy Partners GP, LLC (“ SEP GP LLC ”), Spectra Energy Partners (DE) GP, LP (“ SEP GP ”), Enbridge (U.S.) Inc. (“ EUSI ”), Enbridge US Holdings Inc. (“ EUSHI ”) Not applicable., Enbridge Inc. (“ Enbridge ”) ×7 filings Dec. 17, 2018 Initial filing M&A / sale SEC
Undisclosed reporting person, Undisclosed reporting person Oct. 28, 2002 Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 74 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
MLPX · Global X Funds 8.99% 5,816,300 NS May 31, 2026 N-PORT
ENFR · ALPS ETF Trust 8.34% 698,953 NS May 31, 2026 N-PORT
TPYP · Tortoise Capital Series Trust 7.68% 1,176,833 NS May 31, 2026 N-PORT
BKGI · BNY Mellon ETF Trust 7.66% 1,357,032 NS April 30, 2026 N-PORT
TOLZ · ProShares Trust 7.45% 236,687 NS May 31, 2026 N-PORT
USAI · Pacer Funds Trust 7.33% 144,038 NS April 30, 2026 N-PORT
GEND · Spinnaker ETF Series 4.30% 3,473 NS April 30, 2026 N-PORT
BBCA · J.P. Morgan Exchange-Traded Fund Tr… 4.02% 7,769,726 NS April 30, 2026 N-PORT
IGF · iShares Trust 3.92% 8,105,971 SH Aug. 21, 2026 Daily
EWC · iShares, Inc. 3.48% 4,675,777 SH Aug. 21, 2026 Daily
GENW · Spinnaker ETF Series 3.48% 3,037 NS April 30, 2026 N-PORT
PAYR · Federated Hermes ETF Trust 3.41% 22,507 NS April 30, 2026 N-PORT
ELCV · Strategy Shares 3.20% 127,614 NS April 30, 2026 N-PORT
IXC · iShares Trust 2.92% 1,634,239 SH Aug. 21, 2026 Daily
DIVY · Tidal Trust I 2.85% 14,815 NS May 31, 2026 N-PORT
PID · Invesco Exchange-Traded Fund Trust 2.74% 485,922 SH Aug. 21, 2026 Daily
IGE · iShares Trust 2.70% 413,357 SH Aug. 21, 2026 Daily
FIDI · Fidelity Covington Trust 2.70% 154,944 NS April 30, 2026 N-PORT
TPZ · Tortoise Capital Series Trust 2.31% 54,273 NS May 31, 2026 N-PORT
EFFI · Harbor ETF Trust 2.16% 57,225 NS April 30, 2026 N-PORT
TBG · EA Series Trust 1.99% 82,690 NS April 30, 2026 N-PORT
NFRA · FlexShares Trust 1.86% 1,029,152 NS April 30, 2026 N-PORT
QLVD · FlexShares Trust 1.47% 14,176 NS April 30, 2026 N-PORT
SWP · Manager Directed Portfolios 1.39% 39,246 NS May 31, 2026 N-PORT
KNO · INVESTMENT MANAGERS SERIES TRUST II 1.35% 11,270 NS June 30, 2026 N-PORT
FEDM · FlexShares Trust 1.33% 18,870 NS April 30, 2026 N-PORT
IQRA · New York Life Investments Active ET… 1.17% 1,465 NS April 30, 2026 N-PORT
RFDA · ALPS ETF Trust 1.00% 15,938 NS May 31, 2026 N-PORT
IMTM · iShares Trust 0.64% 537,266 SH Aug. 21, 2026 Daily
VYMI · VANGUARD WHITEHALL FUNDS 0.64% 2,445,691 SH Aug. 19, 2026 Daily
RFFC · ALPS ETF Trust 0.62% 3,374 NS May 31, 2026 N-PORT
PTIN · Pacer Funds Trust 0.53% 17,327 NS April 30, 2026 N-PORT
EMLP · First Trust Exchange-Traded Fund IV 0.51% 376,880 NS April 30, 2026 N-PORT
IDLV · Invesco Exchange-Traded Fund Trust … 0.50% 33,027 SH Aug. 21, 2026 Daily
BKIE · BNY Mellon ETF Trust 0.48% 104,597 NS April 30, 2026 N-PORT
EIPX · First Trust Exchange-Traded Fund IV 0.47% 45,006 NS April 30, 2026 N-PORT
SCHF · SCHWAB STRATEGIC TRUST 0.40% 4,846,321 NS May 31, 2026 N-PORT
FVD · First Trust Exchange-Traded Fund 0.39% 571,948 NS June 30, 2026 N-PORT
PXF · Invesco Exchange-Traded Fund Trust … 0.39% 220,309 SH Aug. 21, 2026 Daily
FNDF · SCHWAB STRATEGIC TRUST 0.37% 1,656,365 NS May 31, 2026 N-PORT
IDEV · iShares Trust 0.37% 2,339,483 SH Aug. 21, 2026 Daily
VEA · VANGUARD TAX-MANAGED FUNDS 0.36% 21,346,072 SH Aug. 19, 2026 Daily
DFAI · Dimensional ETF Trust 0.35% 1,015,751 NS April 30, 2026 N-PORT
ESGG · FlexShares Trust 0.33% 6,500 NS April 30, 2026 N-PORT
GSIE · Goldman Sachs ETF Trust 0.32% 338,653 NS May 31, 2026 N-PORT
DBAW · DBX ETF Trust 0.32% 15,389 NS May 29, 2026 N-PORT
GINN · Goldman Sachs ETF Trust 0.31% 11,994 NS May 31, 2026 N-PORT
GXUS · Goldman Sachs ETF Trust II 0.30% 35,319 NS May 29, 2026 N-PORT
GLBL · Pacer Funds Trust 0.29% 56 NS April 30, 2026 N-PORT
VEU · VANGUARD INTERNATIONAL EQUITY INDEX… 0.29% 5,109,054 SH Aug. 19, 2026 Daily