Enbridge (TSX:ENB) posts $5.8B profit in 2021. A dividend stock to buy?

February 12, 2022 01:56 AM AEDT | By Raza Naqvi

Enbridge (TSX:ENB) posts $5.8B profit in 2021. A dividend stock to buy? — Image source: © Phongphan5922 | Megapixl.com

Key highlights of Enbridge's (TSX:ENB) financial performance

In the fourth quarter of the previous year, profit attributable to common shareholders was C$ 1.84 billion compared to a profit of C$ 1.78 billion in Q4 2020.

In Q4 2021, the distributable cash flow was C$ 2,487 million compared to C$ 2,209 million in Q4 2021.

In December, Enbridge announced that it raised its dividend by three per cent to C$ 0.86 per unit, and it will be payable to shareholders on March 1, 2022.

Bottom line

Enbridge seems to be progressing and is looking to expand its presence. The company announced that it closed Moda Midstream Operating LLC's US$ 3 billion acquisition deal.

Meanwhile, Enbridge said that it would spend US$ 0.4 billion for the Texas Eastern Phase II Modernization program as it looks to upgrade the facility for lowering emissions.

The company has reaffirmed its financial guidance for 2022 and said that it would achieve an adjusted EBITDA between C$ 15 to C$ 15.6 billion and DCF per share between C$ 5.2-C$ 5.5.

The company expects its growth to be driven by an anticipated increase in mainline volumes. Enbridge expects that mainline volumes could average 2.95 million barrels per day.

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