Where Will Enbridge Be in 5 Years?

Enbridge (NYSE: ENB) has evolved over the years. It has transitioned from an oil pipeline company to a more diversified energy infrastructure operator. The pipeline and utility company currently gets half its earnings from liquids pipelines and the other half from lower carbon energy, like natural gas and renewables.

The Canadian energy infrastructure company's steady pivot toward lower carbon energy will undoubtedly continue over the next five years. That's evident by looking at its recent acquisitions and the expansion projects it has coming down the pipeline.

Before 2016, Enbridge was primarily an oil pipeline company. It generated 74% of its earnings before interest, taxes, depreciation, and amortization (EBITDA) from its legacy liquids pipelines franchise. The rest came from gas (21%) and renewable power (5%). Most of its gas-related earnings were from operating a large Canadian gas utility franchise.