NEW YORK (TheStreet) -- Shares of Enbridge Inc (ENB) are soaring, up 10.13% to $52.73 on very high volume in early market trading Thursday -- the most in more than six years -- after the pipeline operator increased its dividend and announced its plans to move assets, Bloomberg reports.
Canada's largest pipeline operator said late yesterday it will move $15 billion worth of Canadian liquids pipelines to its affiliate, Enbridge Income Fund, to pay for capital investment.
Enbridge also raised its dividend by 33%, payable March 1, 2015 to shareholders. Additionally, the company announced 2015 adjusted earnings guidance of $2.05 per share to $2.35 per share.
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Enbridge transports and distributes energy, operating in Canada and the U.S.
About 2.71 million shares have traded hands as of 10:25 a.m. in New York, compared to its average trading volume of about 1.04 million shares a day.
Separately, TheStreet Ratings team rates ENBRIDGE INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENBRIDGE INC (ENB) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock performance, considering both the consistency and magnitude of the price movement over time. At the same time, however, we also find weaknesses including feeble growth in the company's earnings per share, unimpressive growth in net income and generally higher debt management risk."