By Colin Kellaher

Enbridge Inc. on Tuesday unveiled plans to buy back up to 1.5 billion Canadian dollars (US$1.18 billion) in stock, along with a 3% increase in its quarterly dividend, to C$0.86 from C$0.835.

The Calgary, Alberta, energy company, which has roughly 2.03 billion shares outstanding, sports a market capitalization of about C$97 billion.

The new quarterly payout, equal to C$3.44 a year, represents an annual yield of about 7.12% based on Monday's closing price of C$48.30, up from about 6.92%.

Enbridge said the increased dividend is payable March 1, 2022, to shareholders of record Feb. 15.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

12-07-21 0734ET