Valued at a market cap of almost $150 billion, Enbridge (TSX:ENB) is among the largest companies in Canada. Enbridge is an energy infrastructure giant that has returned over 500% to shareholders since the start of 2001. However, if we adjust for dividend reinvestments, cumulative returns are closer to 1,740%.
While Enbridge has generated inflation-beating returns to shareholders over the last two decades, let’s see if the blue-chip TSX dividend stock is still a good buy.
Is Enbridge a good stock to own in November 2025?
Enbridge operates as North America’s largest energy delivery company. It transports 30% of the continent’s crude oil and 20% of the natural gas consumed in the United States. The diversified energy heavyweight manages four core businesses spanning liquids pipelines, natural gas transmission, gas utilities, and renewable energy while committing to net-zero emissions from operations by 2050.
Its liquids pipeline system stretches across 18,085 miles throughout North America, delivering about 5.8 million barrels of crude oil and liquids daily. In 2024, Enbridge transported over 4.7 billion barrels of oil, the highest in the company’s history. The infrastructure accounts for roughly 65% of U.S.-bound Canadian exports and 40% of total U.S. crude oil imports.
Its natural gas operations cover approximately 18,952 miles across 31 U.S. states and four Canadian provinces. The system transports about 20.5 billion cubic feet per day while maintaining a net working storage capacity of 273.8 billion cubic feet.
Enbridge strategically positions itself to serve the expanding LNG (liquified natural gas) export market, supplying natural gas to four operating Gulf Coast facilities with capacity to serve at least three more.
Enbridge recently expanded its gas utility business by acquiring three U.S.-based utilities, bringing the total customer count to 7.1 million across multiple states and provinces. Enbridge Gas now operates over 110,000 miles of gas transmission and distribution mainlines following the October 2024 addition of operations in North Carolina.
Renewable energy investments exceed $8 billion, with projects capable of generating 7,212 megawatts gross of zero-emission energy. The portfolio includes 23 wind farms, 17 solar operations, and one geothermal project, meeting electricity needs for approximately 1.9 million homes based on net generation capacity.
The Ingleside Energy Center represents North America’s largest crude oil export terminal by volume, loading an average of 25% of all U.S. Gulf Coast crude exports annually, with current storage capacity totalling 17.6 million barrels.
Enbridge continues to grow its annual dividend
In the third quarter (Q3) of 2025, Enbridge reported record adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) driven by contributions from U.S. gas utilities and organic growth in its gas transmission business.
The energy infrastructure leader remains firmly committed to its dividend strategy, having grown payouts for 30 consecutive years across multiple economic cycles.
Enbridge emphasized its disciplined capital allocation approach and its aim to maintain a payout ratio below 70%. This conservative ratio enables Enbridge to sustain and grow dividends while funding expansion projects.
The stable payout reflects the resilience of Enbridge’s business model, which generates predictable cash flows through long-term contracts and regulated frameworks.
The company expects to finish 2025 in the upper half of its EBITDA guidance range of $19.4 billion to $20 billion while landing around the midpoint of its distributable cash flow per share guidance of $5.50 to $5.90. Leverage remains comfortable at 4.8 times debt-to-EBITDA, within the target range of 4.5 to five times.
Enbridge added $3 billion in new secured growth capital during the quarter, including expansions in liquids pipelines, gas storage facilities, and offshore transmission projects. These investments support the company’s 5% growth target through the end of the decade while maintaining balance sheet discipline.
The diversified portfolio across over 200 asset streams provides multiple paths for sustainable dividend growth backed by stable, fee-based cash flows. Analysts forecast ENB stock to raise the annual dividend from $3.66 per share in 2024 to $4.17 per share in 2029, which enhances the yield at cost.
Enbridge is a good investment for those seeking a stable, growing passive-income stream. However, ENB stock is unlikely to consistently deliver double-digit returns annually over the upcoming decade.
