Why Shares in Enbridge Beat the Market Today
Shares in North American energy infrastructure company Enbridge (NYSE: ENB) were up by almost 2.5% by midday today. The move comes after a Credit Suisse analyst upgraded the stock from underperform to neutral.
The upgrade follows some positive news flow regarding the French government's decision to select EDF Renewables and Maple Power (a joint venture between Enbridge and the Canadian Pension Plan Investment Board) to develop France's largest offshore wind farm near Normandy.
The winning of the tender for the offshore wind farm is significant for Enbridge's long-term growth aspirations and means its current dividend of $2.60 (yielding a whopping 7%) may be sustainable over the long term. With any stock yielding such a high amount, the natural question is, what is the market worried about?
Source Fool.com
