ENB - Buy or Sell: Enbridge Stock Hits 2-Year Low After Dominion Deal
2023-09-12 10:08:00 ET
Canadian pipeline giant, Enbridge (NYSE: ENB) , dropped big news on Sept. 5 when it announced the $14 billion acquisition (including debt) of three natural gas utilities from Dominion Energy (NYSE: D) . The deal makes Enbridge North America's largest natural gas utility franchise.
Enbridge believes the deal is a win for shareholders, but investors didn't react favorably, sending the stock down 5.9% to a two-year low. The sell-off pole-vaulted Enbridge's dividend yield to 7.9%, making it an intriguing high-yield dividend stock . Let's look at the impact of the deal, what it means for Enbridge, and if the stock is worth buying now.
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Buy or Sell: Enbridge Stock Hits 2-Year Low After Dominion Deal