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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Enbridge Inc    ENB   CA29250N1050

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Enbridge : to start Line 3 construction despite lack of key U.S. approval

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06/23/2017 | 02:25pm CEST

Enbridge (TSX:ENB) says it will begin phased construction of the Canadian portion of its Line 3 pipeline project on Aug. 1, even though the American side is still awaiting regulatory approval.

Spokeswoman Suzanne Wilton says about 600 contractor workers and up to 200 Enbridge staff are set to begin clearing land and installing pipe for the line which runs from central Alberta to Manitoba.

About one-third of the Canadian route is expected to be completed this summer with the rest to be built in 2018 and 2019.

The U.S. section of the pipeline still requires approval in Minnesota, where it faces determined opposition.

The $8.4-billion project to replace the aging 1,660-kilometre Line 3 with new pipe is expected to restore 375,000 barrels per day of Canadian crude oil delivery capacity to Superior, Wis.

(c) 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( CAD)
Sales 2017 43 692 M
EBIT 2017 7 474 M
Net income 2017 3 115 M
Debt 2017 69 840 M
Yield 2017 4,49%
P/E ratio 2017 23,87
P/E ratio 2018 19,39
EV / Sales 2017 3,53x
EV / Sales 2018 3,34x
Capitalization 84 571 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 62,5  CAD
Spread / Average Target 21%
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Albert Monaco President, Chief Executive Officer & Director
Gregory L. Ebel Chairman
Leon Anthony Zupan Chief Operating Officer-Liquids Pipelines
John K. Whelen Chief Financial Officer & Executive Vice President
Cathrine L. Dyer Chief Information Officer & Vice President
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