Pipeline company Enbridge Inc. (TSX:ENB) is raising its quarterly dividend by nearly 10%.
Enbridge says it will start paying a quarterly dividend of 81 cents effective on March 1, 2020. The company had previously paid a quarterly dividend of 73.8 cents to shareholders.
With the new dividend, Enbridge shares will have a yield of about 6.3% based on Enbridge's recent closing share price. In its outlook for 2020, Enbridge says it expects earnings before interest, taxes, depreciation and amortization of about $13.7 billion.
Distributable cash flow per share for 2020 is expected to be in a range of $4.50 to $4.80 per share. Enbridge Chief Executive Officer Al Monaco said in a news release that the company's emphasis in the near term will be on capital efficient in-franchise growth and executing on its secured capital projects.
