Enbridge Inc. (ENB): A Bull Case Theory 

We came across a bullish thesis on Enbridge Inc. on Beat the TSX (BTSX-20)’s Substack by Beat the TSX-27 Strategy. In this article, we will summarize the bulls’ thesis on ENB. Enbridge Inc.’s share was trading at $49.72 as of September 29th. ENB’s trailing and forward P/E were 24.27 and 21.69 respectively according to Yahoo Finance.

Enbridge Inc. (ENB) delivered a solid Q2 2025, reporting record EBITDA of $4.64 billion, up 7% from Q2 2024, while distributable cash flow remained stable at $2.9 billion year over year. Management reaffirmed 2025 guidance at the top end of the $20 billion EBITDA range, reflecting strong execution across its Mainline pipelines, gas storage, and power infrastructure projects, particularly those supporting data centers. The company’s balance sheet is strengthening, providing flexibility to pursue a steady, low-risk growth strategy.

With a $32 billion project backlog and clear visibility into 2026–2028 growth, Enbridge is strategically stacking consistent wins rather than pursuing high-risk ventures, ensuring predictable returns and disciplined capital allocation. LNG export tailwinds are boosting gas storage demand, with assets like Aitken Creek well-positioned to benefit.

ENB’s approach prioritizes execution over hype, with new projects arriving on time and under budget, reinforcing its reputation as a reliable, essential infrastructure operator. The dividend remains secure, offering a current yield of 5.82%, and long-term investors benefit from both income and growth potential.

ENB’s slow, methodical buildout of critical infrastructure ensures sustainable expansion and resilience, highlighting the company’s strong foundation heading into the next multi-year growth cycle. For existing holders, ENB represents a “hold,” with potential incremental upside from disciplined project execution.

New investors may consider entering at more favorable prices. Overall, Enbridge combines reliable cash flow, essential service positioning, and a robust growth pipeline, creating a compelling long-term risk/reward profile for investors seeking steady, low-volatility exposure to Canadian energy infrastructure. Its focus on low-risk, bite-sized project growth underscores the durability and visibility of its earnings trajectory.

Previously we covered a bullish thesis on Kinder Morgan, Inc. (KMI) by Gregg Jahnke in October 2024, which highlighted the company’s project backlog growth driven by AI-linked advancements and U.S. manufacturing reshoring. The company’s stock price has appreciated approximately by 14.34% since our coverage. The thesis still stands as KMI continues benefiting from project execution. Beat the TSX-27 Strategy shares a similar perspective but emphasizes Enbridge’s steady, low-risk pipeline and gas storage growth.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.