On September 10, Enbridge fell 3.05% in after-hours trading, trading at $48.62 per share, with turnover of $27.95 million.

On the news front, Enbridge announced it will acquire Tallgrass Energy's crude oil business in a $2.55 billion cash deal, while simultaneously launching a bought-deal offering of 38.9 million common shares. The acquisition includes a 75% interest in Pony Express Pipeline, a 51% interest in the Powder River Gateway system, approximately 8.4 million barrels of storage capacity, and the Stanchion Energy crude marketing business. The transaction is expected to close by year-end, with management reiterating its medium-term outlook of approximately 5% compound average growth in EPS and EBITDA.

Notably, Enbridge has been on an aggressive acquisition spree. In late August, the company signed a $600 million deal to acquire Salt Creek Midstream's crude oil gathering assets in the Permian Basin, and formed a joint venture with KKR to invest roughly CA$2.7 billion in Westcoast natural gas pipeline expansions. The combination of sizeable capital deployment and a dilutive equity offering appears to have weighed on shares.

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