ENB - Why Enbridge Stock Is Falling Today
2023-09-06 11:48:28 ET
Enbridge (NYSE: ENB) is making a big bet on natural gas, and investors are worried that the Canadian energy distribution and production company's planned acquisition could cause it some near-term indigestion. Shares of Enbridge fell by as much as 6.7% on Wednesday morning following the company's big news.
As of 11:36 a.m. ET, they were still trading 5.6% lower.
Late Tuesday, Enbridge announced plans to acquire three natural gas utilities from Dominion Energy (NYSE: D) for a total of $14 billion, including $9.4 billion in cash and about $4.6 billion of assumed debt. The deal would add natural gas utility operations in Ohio, North Carolina, Utah, Idaho, and Wyoming to Enbridge's existing Ontario-based operation.
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Why Enbridge Stock Is Falling Today