Enbridge (TSX:ENB): An energy stock to buy in 2022?

2 min read | January 25, 2022 02:03 AM AEDT | By Kajal Jain

Enbridge (TSX:ENB): An energy stock to buy in 2022? — Image source: ©2022 Kalkine Media®

Enbridge (TSX: ENB) financial performance in Q3 FY2021

Based on Generally Accepted Accounting Principles (GAAP), the midstream energy company generated earnings of C$ 682 million in Q3 FY2021 compared to C$ 990 million a year ago.

The energy supplier posted a distributable cash flow of C$ 2.3 billion in the latest quarter, up from C$ 2.1 billion in Q3 2020.

On December 7, 2021, the company also announced financial guidance for fiscal 2022. It expects EBITDA to be somewhere between C$ 15 million to C$ 15.6 million. The company expects its distributable cash flow (per share) to range between C$ 5.20 to C$ 5.50.

Enbridge also hiked its quarterly dividend to C$ 0.86 apiece, payable on March 1, up from the previous payout of C$ 0.835.

Also read: Scotiabank (BNS) & Tourmaline (TOU): 2 TSX dividend stocks to not miss

Enbridge stock performance

Enbridge scrip closed at C$ 51.35 apiece on Friday, January 21, almost five per cent below its 52-week high of C$ 54 (November 5, 2021). The energy infrastructure stock climbed over 16 per cent in the past 12 months.

Bottomline

Enbridge Inc is focused on promoting organic growth by modernizing assets and improving return on existing assets. The company will also embrace "low-carbon intensity opportunities" to meet the demand of domestic and export markets.

Enbridge is also excited to explore "low-carbon investment opportunities" in the future.

Also read: Suncor Energy (TSX:SU): An oil & gas stock for long-term growth?

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