CALGARY -- Enbridge Inc. raised its dividend as it released its latest financial guidance.

The pipeline company says it will increase its quarterly payment to shareholders to 83.5 cents per share, up from 81 cents per share.

The first payment at the new rate will be payable on March 1, 2021, to shareholders of record on Feb. 12, 2021.

The increase comes as Enbridge hosts its virtual investor day.

It says it expects its distributable cash flow per share for this year to be near the mid-point of its $4.50 to $4.80 guidance range.

Next year, the company says it expects between $4.70 and $5 in distributable cash flow per share. Earnings before interest, taxes, depreciation and amortization next year are forecast between $13.9 billion and $14.3 billion.