Company News

BUZZ-Enbridge Inc: Up on $3 bln asset sale, dividend plans

** Pipeline operator’s shares up 6 pct at C$48.75, biggest pct gain since Jan 2016

** ENB on Wednesday provided strategic update including asset sale and dividend payment plans

** Company intends to sell or monetize at least $3 bln of non-core assets in 2018 to reduce debt; Board approves increase in annual dividend of 10 pct for 2018

** Enbridge also announces offering of C$1.5 bln of common shares, at C$44.84/shr, and $4 bln hybrid security offering in 2018

** Canaccord cuts PT to C$54 from C$59, citing lower earnings estimates following the asset sales

** BMO cuts PT to C$66 from C$70, National Bank of Canada cuts PT to C$60 from C$63

** 9 of 16 brokerages rate the stock “buy” or higher, and 7 “hold”; Median PT $60

** Up to Wednesday’s close, stock had fallen 19 pct this year (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta)