Enbridge Valuation Premium Weighed Against Backlog and Dividend Yield
Enbridge reports a secured capital backlog of C$41 billion with projects scheduled through 2033, supporting a 5% growth path and long-term contracted infrastructure cash flows. The stock is paired with a 5.4% dividend yield, but Enbridge trades above key earnings benchmarks and leverage is near the top of its 4.5–5.0 target range, with higher U.S. interest rates remaining a headwind.