Energy Transfer and Enbridge generate plenty of cash with their “toll road” businesses. They can easily cover their distributions and dividends with their distributable cash flow.

Enbridge's CAD 41 billion secured growth backlog supports a 5% long-term CAGR in adjusted EBITDA, DCF per share, and EPS, with 2027 a major commissioning year. The Mainline System contributes roughly one-third of Enbridge EBITDA, making emerging competing egress pipelines a material medium-term throughput risk. Debt to EBITDA is 5.1x, above Enbridge's 4.5x to 5.0x target, while interest expense consumes roughly 27% of adjusted EBITDA. This is a risk to monitor amid rising rates.

Enbridge maintains a buy rating, driven by a 5.5% dividend yield, modest EBITDA growth, and a robust C$41 billion secured project backlog. Q2 2026 delivered record adjusted EBITDA of C$4.776 billion and reaffirmed guidance, reflecting the company's utility-like earnings stability and visible cash flows. Growth opportunities span liquids, natural gas, utilities, and renewables, with up to C$20 billion in new projects expected to be sanctioned through 2027.

Enbridge has one of the lowest-risk business models in the energy sector. It has a multi-year, multi-billion-dollar backlog of commercially secured expansion projects.

Pipeline operators are collecting tolls on surging LNG exports and NGL shipments while most investors overlook the sector entirely. Three midstream names are quietly raising payouts and posting record cash flows, and the window to lock in above-market yields may not stay open long.

Midstream energy remains one of the few corners of the market where investors can pair mid-single-digit growth outlooks with above-market income.

Enbridge's stock has tumbled around 7% over the past month. The company's second-quarter earnings were mostly down or flat.

ENB's C$41B backlog and 5.4% yield support growth, but a premium valuation, elevated leverage and U.S. rates raise execution stakes.

Empowered Funds LLC lifted its position in shares of Enbridge Inc (NYSE: ENB) (TSE: ENB) by 24.2% in the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,014 shares of the pipeline company's stock after acquiring an additional 21,442 shares during the

Assenagon Asset Management S.A. lessened its stake in Enbridge Inc (NYSE: ENB) (TSE: ENB) by 54.5% in the undefined quarter, according to its most recent filing with the SEC. The fund owned 80,753 shares of the pipeline company's stock after selling 96,576 shares during the period. Assenagon Asset Management S.A.'s holdings in Enbridge were