Shares of Enbridge (NYSE: ENB) fell 7.8% in 2023, according to data provided by S&P Global Market Intelligence. While that wasn't a massive decline, it did significantly underperform the broader market, given that the S 500 rallied 24.2% in 2023. On a more positive note, Enbridge's high-yielding dividend helped narrow its underperformance on a total return basis (-1.1% compared to a 26.3% total return for the S 500).

A few factors weighed on the Canadian pipeline and utility giant last year, most notably its agreement to buy three natural gas utilities from .

Enbridge's pipeline and utility business model helps insulate it from market conditions. That was evident again last year. Even though oil and gas prices declined, Enbridge remained on track to achieve its 2023 financial guidance.

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Source Fool.com