Some stocks can help you ride short-term market trends, while others are built for steady long-term growth. Enbridge (TSX:ENB) firmly falls into the second category. For decades, this Canadian energy infrastructure giant has remained a favourite among Foolish investors due mainly to its dependable cash flow, resilient business model, and generous dividends.
So where could Enbridge stock be three years from now? While nobody can predict share prices with certainty, the company’s current momentum and long-term strategy give us some clear indicators about where it could be headed. Let’s take a closer look.
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Enbridge stock continues delivering resilient financial results
If you don’t know it already, Enbridge operates one of North America’s largest energy infrastructure networks. Its business spans liquids pipelines, gas transmission, gas distribution, and storage, as well as renewable power generation assets.
After climbing nearly 21% over the last year, ENB stock currently trades at $75.19 per share, giving it a market cap of nearly $164 billion.
Income investors also love Enbridge because of its attractive dividend yield of 5.2%. More importantly, its dividends are backed by stable and predictable cash flows generated through long-term contracted infrastructure assets.
In the first quarter of 2026, Enbridge delivered adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $5.8 billion, roughly in line with the previous year. Meanwhile, the company’s distributable cash flow (DCF) rose to $3.9 billion from $3.8 billion a year earlier. This ability to maintain stable cash generation despite market volatility highlights the strength of its business model.
A diversified business model is supporting growth
Unlike companies heavily dependent on one commodity or region, Enbridge generates revenue from multiple energy infrastructure segments. Its liquids pipelines business continues transporting massive crude oil volumes across North America, with mainline volumes averaging 3.2 million barrels per day. At the same time, its growing natural gas and renewable energy operations provide additional long-term growth opportunities.
The company has also been expanding aggressively through new infrastructure projects. Its secured capital backlog now stands at roughly $40 billion. ENB’s key developments include the US$0.7 billion Cone wind project in Texas and the US$0.4 billion Tres Palacios natural gas storage expansion.
These investments not only diversify Enbridge’s revenue streams but also position it to benefit from rising electricity demand, growing liquefied natural gas (LNG) exports, and increasing North American energy consumption.
Focus on long-term growth opportunities
Moreover, Enbridge’s long-term growth pipeline is extensive. Beyond its secured projects, management is currently pursuing roughly $50 billion in additional unsanctioned opportunities tied to evolving energy infrastructure needs. The company expects to continue investing between $10 billion and $11 billion annually in growth projects. This investment capacity gives it the flexibility to expand while continuing to reward shareholders with reliable dividends.
In addition, the broader industry backdrop remains favourable. Rising electricity demand from data centres and artificial intelligence (AI) infrastructure, growing LNG exports, and continued oil and natural gas consumption could all support higher long-term demand for energy transportation and storage assets.
At the same time, Enbridge’s growing renewable energy portfolio aligns with the global transition toward cleaner energy sources, helping the company remain relevant as the energy landscape evolves.
Where could Enbridge stock be in 3 years?
While short-term market movements remain unpredictable, Enbridge stock has the potential to see steady long-term growth rather than explosive gains. Its combination of stable cash flow, a large project backlog, dividend growth potential, and diversified operations could continue attracting long-term investors.
If the company continues executing on its expansion strategy while maintaining strong cash flow generation, its stock could continue trending higher in the coming years while rewarding shareholders with growing passive income along the way.
