EQNR - Enbridge: Reasonable Results Dividend Growth Renewables A Drag

• Enbridge posted reasonably solid year-over-year growth in pretty much every measure of financial performance.
• The company is not able to directly benefit from the sharp increase in energy prices that we saw over the past year.
• Enbridge saw volume growth due to the new projects that it put into operation during the past year.
• The company's renewables business was weaker than last year but at least it is cash flow positive.
• The company managed to hike its dividend again and it does appear able to afford the higher rate.

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