Calgary-based Enbridge (TSX: T.ENB, Stock Forum) announced a 12% increase in its dividend Wednesday, to 37 cents per common share.
The company says that the quarterly dividend will be payable on March 1, 2009 to shareholders of record on February 16, 2009, and reflects a 12% increase from the company's prior quarterly rate of 33 cents per share.
The energy transportation company also announced its 2009 guidance for adjusted operating earnings of $2.18 to $2.32 per share.
"Enbridge expects to deliver very favourable financial performance next year with earnings higher than previously anticipated," said Patrick D. Daniel, the company’s president and chief executive officer.
"With the deferral of the Fort Hills Project we will have minimal need for equity in 2009 to fund our committed capital program. However, with a number of attractive additional investment opportunities potentially available, we will be looking to opportunistically bolstering our equity base through asset sales or monetizations, and equity issuance."
Shares of Enbridge climbed 1.5% to $37.06 Wednesday.
