Enbridge (NYSE:ENB) (TSE:ENB) advanced in New York premarket trading after Canada's largest energy pipeline company hiked its quarterly dividend by 14%.
The Calgary, Alberta-based company's U.S.-listed shares gained as much as 1.7% at 8:09 a.m. in New York on Thursday.
In a statement, Enbridge increased its quarterly dividend to C$0.53 per share from C$0.465 per share.
The dividend, payable on March 1 to shareholders of record on February 16, marks the twenty-first consecutive year of increased dividends for the Company.
"Over the last two years, we have increased our dividend by over 50 percent while maintaining strong available cash flow coverage," Chief Executive Officer Al Monaco said in the statement.