Canada’s two big pipeline stocks are hitting 52-week highs. Here’s why they are still buys

Canada’s two cross-border pipeline companies are near 52-week highs, boosted by strong financial results and Donald Trump’s election victory.

The President-elect has repeatedly referred to oil as “liquid gold” and claims the U.S. has more of it that any other country. That’s far from the truth – according to, the U.S. has 55.25 billion barrels of oil reserves, far behind Venezuela’s 303.22 billion barrels and Saudi Arabia’s 267.19 billion. But add Canada’s 163.63 billion barrels to the U.S. total and the combination ranks third. This might make a continental energy policy more appealing to the new Trump administration.

For the first nine months of the 2024 fiscal year, Enbridge reported earnings of $4.56 billion , up from $4.11 billion in 2023.: During the quarter, the company concluded the purchase of three U.S. natural gas utilities, first announced in September 2023.

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