Hey there,
CNQ is actually up 16% this year, so the recent pullback in natural given that energy prices have also dipped. We have zero issues holding on to this one and/or adding at these prices. Personally, I own it and would add on weakness.
ENB on the flip side, has struggled but so too have most pipelines. TC Energy, the only other pipeline comparable in terms of size, is actually down 10% vs the 4% drop by Enbridge this year. This is not surprising as midstream companies are high-debt companies with lots of CAPEX needs. Considering the pace of rate hikes, these types of companies (can add utilities and REITS in there as well) have all struggled this past year. That doesn't mean they aren't good companies, it means that they are being negatively impacted by macro events.
Personally, I own ENB and have no intentions on selling here. If rates are truly at their peak and rate cuts are on the way , then those impacted by the high pace of rate hikes, will likely benefit. It could take some time though as no one knows when or if rate cuts will even happen. In fact, the BOC came out this past week and cautioned that they weren't event thinking about cuts at the moment.
Mat