National Bank Financial Expects Weaker Earnings for Enbridge

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Analysts at National Bank Financial lowered their FY2024 EPS estimates for Enbridge in a note issued to investors on Monday, January 6th. National Bank Financial analyst P. Kenny now anticipates that the pipeline company will earn $1.96 per share for the year, down from their prior estimate of $1.99. The consensus estimate for Enbridge’s current full-year earnings is $2.03 per share. National Bank Financial also issued estimates for Enbridge’s FY2025 earnings at $2.16 EPS and FY2028 earnings at $2.39 EPS.

Other research analysts have also issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Morgan Stanley began coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.00.

Enbridge Stock Up 0.9 %

Shares of NYSE ENB opened at $44.05 on Wednesday. The business has a 50-day moving average price of $42.45 and a 200 day moving average price of $40.17. The stock has a market cap of $95.95 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 4.14 and a beta of 0.93. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. Enbridge has a 52-week low of $32.85 and a 52-week high of $44.13.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The company had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same quarter last year, the company earned $0.46 EPS.

Institutional Trading of Enbridge

A number of institutional investors have recently added to or reduced their stakes in ENB. Cibc World Market Inc. raised its stake in Enbridge by 12.8% during the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after buying an additional 3,693,495 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Enbridge by 4.0% during the 3rd quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after buying an additional 936,863 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Enbridge by 3.7% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock worth $821,331,000 after acquiring an additional 827,540 shares during the period. Toronto Dominion Bank increased its holdings in shares of Enbridge by 3.6% in the 2nd quarter. Toronto Dominion Bank now owns 18,703,423 shares of the pipeline company’s stock worth $665,655,000 after acquiring an additional 644,526 shares during the period. Finally, National Bank of Canada FI boosted its stake in Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock valued at $737,754,000 after purchasing an additional 2,061,758 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 6.08%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio is currently 124.07%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.