Good Morning and happy long weekend to my fellow Canadian’s! We decided to stay away from the cottage scene this weekend due to the flies. We will be going to wonderland today (amusement park) and hopefully get all my gardens mulched and pool all up. I’m looking forward to it.
This week the market experienced a reverse Trump effect. Basically from what I understand he came out and admitted he lied about some political stuff. Great move………. Clearly all presidents and prime ministers lie, or avoid the topic/question all together. They never come straight out and admit it. Politics always drive me nuts.
Sometimes when I’m working at my clients houses they are freaking out about the market crashing when it does. I have honestly thought they were going to have a heart attack. Since my portfolio is not massive YET the pullback didn’t affect me much, it went down $470 over those 2 days. I’m sure if you had a multi million dollar portfolio though it would be a different story.
The client I was working at, and I always talk about stocks/ finances. He used to be the president of a bank back in the day, so he has some connections and knowledge. Every couple hours he would come out to tell me the markets down x points haha. He was interested in buying some Canadian banks. I mentioned I was really close to purchasing more Enbridge. He told me he was also watching them as they pulled back almost 8 -10%.
That was enough of a vote of confidence I needed. At lunch I purchased 50 more shares of Enbridge at 52.86 per share. Representing a 4.6% yield at time of buy. Unfortunately I made the buy a couple days after the X dividend date, but at that pullback its worth it. I currently have 87 shares of them and at the current price I can drip a stock each quarter. I wish I spend a little more time with the math though and bought a couple more stocks to ensure the drip. Right now its dividend is estimated to bring in like $53-54 per quarter, so its going to be tight. This purchase adds $122 in forward dividends.
About Enbridge Inc.
Enbridge Inc., a Canadian company, exists to fuel people’s quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past seven years. Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the U.S., and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. They own and operate Canada’s largest natural gas distribution company, serving residential, commercial, and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in more than 2,200 megawatts of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs approximately 10,000 people, primarily in Canada and the U.S., and has been ranked 15 times on the annual Canada’s Top 100 Employers list, including the 2017 index. Enbridge’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
Enbridge is definitely one of my favorite stocks I own. The spectra merger just diversifies them even more and with 48 billion in projects on the go they expect to increase their dividend 10-12% per yr till 2024. I also really like how they are starting to acquire some renewable energy as well. They are one of Canada’s best dividend growth stocks. If things keep going the way they are with Enbridge this won’t be my last purchase of them.
I know I should be buying more US exposure but when one of your best stocks dips, back the car up. Did you make any purchases in those 2 days? Have a fantastic weekend!
Hey I’m Rob, creator of Passive Canadian Income.
In 2011 me and my wife had almost $60,000 in debt and a negative $7,000 Net Worth. Through hard work and financial education we paid all that off. Now we are focusing on increasing our Passive Income Streams to make the money work for us. Feel Free to Follow along the Journey by clicking the Social Media links below or subscribing to get notified of new posts on the sidebar.