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Enbridge Near 30-Year High on Earnings Growth

Enbridge Inc., the largest transporter of Canadian crude to the U.S., is trading at its highest level in almost three decades as it shakes off criticism over oil spills, delays in new crude routes and valuation concerns.

Enbridge last week reached its highest point since Jan. 5, 1983, giving it a price-to-earnings ratio of 40, better than 81 percent of its global peers. With a market capitalization of C$33.1 billion ($33.0 billion), the Calgary-based company has the second-highest value among large stocks in the Standard & Poor’s/TSX Composite Index, behind only Crescent Point Energy Corp., data compiled by Bloomberg show.